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Atlas Mara announced on Monday that it had agreed to take the stake in ABC Holdings, which operates the African bank BancABC, and to acquire its controlling shareholder, ADC African Development Corporation, for about $265 million in cash and shares.
“When we founded Atlas Mara, we did so with the intention of identifying and partnering with exceptional multi-country African financial services companies,” Mr. Diamond said in a statement. “Our objective is to build Africa’s premier financial services group leveraging the access to capital, liquidity and funding that we at Atlas Mara can provide….”
BancABC, which was founded in 1956, operates in Botswana, Mozambique, Tanzania, Zambia and Zimbabwe and has a group-services office in South Africa. The company, based in Botswana, is listed in Botswana and Zimbabwe.