NAIROBI, Kenya, Oct 16 – I&M Holdings has announced plans to acquire 65 percent of Burbidge Capital Limited.
The move comes a month after the firm also announced plans to purchase Giro Commercial Bank Limited(GCBL) that will see GCBL merge with I&M under I&M Bank, a subsidiary of I&M Holdings.
Burbidge Capital is a corporate finance advisory firm based in Kenya and Uganda.
The company focuses on large and mid-sized companies in the region with typical transaction sizes ranging between Sh411 million (US$4mn) and Sh15.4 billion (US$150mn)
The completion of the transaction is subject to all regulatory approvals from the Central Bank of Kenya, Capital Markets Authority, the Competition Authority of Kenya and shareholders of the company.
The amount of the deal is yet to be revealed.
“Further details of the transaction will be made available to the shareholders in due course,” the management said.
Burbidge Capital acted as Nominated Adviser and Placing Agent on the recent cross listing of Atlas Development & Support Services Limited on the Nairobi Securities Exchange and the contemporaneous US$5 million Kenya fundraising, which completed in December 2014.
The firm was also the nominated advisor and placing agent on the listing of Flame Tree Group, owner of Roto Tanks, Zoe and Alana brands.
“The proposed transaction may have a material effect on the value of the shares of the company. The shareholders of the company and the public are accordingly advised to exercise due caution when dealing in the shares of the company,” the firm stated.