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Old Mutual raises stake in UAP after Sh14bn buyout
UAP managing director Dominic Kiarie at the Nairobi Securities Exchange on August 29, 2014. PHOTO | COURTESY |
UK-based financial services group Old Mutual has acquired a majority stake in UAP Holdings after signing to buy out three private equity firms that hold a combined 37.33 per cent stake in the Kenyan firm.
The multinational will pay Africinvest, Abraaj and Swedfund $155.5 million (Sh14.2 billion) in the transaction that will raise its interest in UAP to 60.66 per cent.
