Sure Kamhunga
2 July 2009
Johannesburg — BANKING group Standard Chartered yesterday said it had acquired the remaining shareholding in specialist mergers and acquisition firm First Africa for an undisclosed sum.
The acquisition was part of the bank's strategy to become a major player in the provision of leverage finance and promoting inward investment into SA and the continent, regional CEO Mike Hart said.
He said the bank had initially acquired 25% of the firm -- headquartered in SA -- in October 2006, and had decided to wholly acquire it to gain a firmer foothold in the mergers and acquisition market in Africa.
Hart said the deal would strengthen the bank's ability to take advantage of the growing trade corridors both in Africa and between Africa and Asia.
"We are very pleased to have secured the acquisition of First Africa. The deal will further strengthen the bank's ability to provide international standards of financial advice to corporates investing in Africa," Hart said.
"It will also further strengthen our leading position in facilitating international investment in Africa from Asia and the Middle East."
First Africa executive director Martin Edge said the company had become one of the top mergers and advisory firms in Africa during the past 10 years.
It had been involved in high- profile transactions, including MTN's 5,5bn acquisition of Kuwait-based Investcom, and it also advised on AngloGold's merger with Ashanti Goldfields of Ghana. First Africa had also gained clients in the mining and financial services sectors, he said.
Hart said the bank was confident that, despite the global recession, Africa remained a lucrative option for international investors.
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