Equity Sh10bn buyout of four banks to delay

Equity Group’s #ticker:EQTY purchase of four banks in Rwanda, Zambia, Mozambique and Tanzania from a London-listed investment firm will delay after the bank failed to reach a buyout deal within the set deadline.

The bank issued a notice informing shareholders that the binding agreement for the proposed Sh10.7 billion share swap deal with Atlas Mara Limited (ATMA) has lapsed, opening the way for one of the parties to walk away from the transaction.