Arise has acquired Africa-focused private equity firm Development Partners International‘s 27.7% stake in publicly-listed CAL Bank.
The acquisition involved the purchase of 151,830,692 ordinary shares executed through the negotiated window of the Ghana Stock Exchange. The transaction is expected to settle on 14 February 2017. By completing this acquisition, Arise B.V. becomes the second largest shareholder in CAL Bank Limited.
IC Securities acted as financial adviser and Norton Rose Fulbright and N. Dowuona & Co acted as legal counsel to DPI on the transaction.