KCB Group PLC (NASE:KCB) entered into definitive agreement to acquire Banque Populaire du Rwanda S.A from Atlas Mara Limited (LSE:ATMA) and others on November 25, 2020. As part of the transaction, KCB will acquire Atlas Mara's 62.06% shareholding in Banque Populair for cash consideration representing approximately 1.09 times book value. In a related deal, KCB Group PLC (NASE:KCB) entered into definitive agreement to acquire Atlas Mara's indirect interests in African Banking Corporation Tanzania Limited for cash consideration representing approximately 0.42 times book value.

The actual cash consideration payable by KCB will be determined based on the final book value of the two banks at completion of the transactions. The transaction is subject to regulatory approvals and other customary conditions precedent, including approvals and consents from the relevant central banks, competition authorities, and other counterparties and shareholder approval of KCB. The transactions are expected to close during the first half of 2021.

James Kamau, Madina Chenge, Adrian Ntwatwa and David Lekerai of DLA Piper Africa acted as legal advisers to KCB Group PLC. As of May 12, 2021, KCB Group which had previously offered to take over a 62.1% stake in Banque Populaire has now made a complete 100% takeover offer.