Atlas Mara holds talks with consortium exploring acquisition of Barclays Africa

By Janice Roberts


In response to recent press reports regarding interest in purchasing Barclays Plc’s 62.3% stake in Barclays Africa Group, Atlas Mara acknowledges that it has had discussions with a consortium of investors that is exploring an acquisition of Barclays’ stake in Barclays Africa and a potential combination of Atlas Mara with Barclays Africa. 

“Members of the Consortium include Atlas Merchant Capital, founded by Bob Diamond, and the Mara Group, founded by Ashish J. Thakkar,” Atlas Mara says in a statement. 

“Atlas Mara’s Board of Directors supports the exploration of the potential combination, given the expected positive impact on accelerating the company’s strategy to build sub-Saharan Africa’s premier financial institution. 

“Atlas Mara’s Board has taken advice from external legal counsel with respect to various corporate governance matters.”

The statement says that in the event that the consortium reaches a definitive agreement with Barclays in relation to Barclays Africa, it is expected that Atlas Mara will enter into substantive discussions about the potential combination with the consortium. 

“To the extent that such discussions result in a proposal being made to the company by the consortium necessitating review by the Board of Directors of Atlas Mara, Mr. Diamond and Mr. Thakkar will recuse themselves from such discussions.  Mr. Diamond and Mr. Thakkar remain wholly committed to the company and the execution of its strategy.”

Given the significant complexity and early stage of the discussions with the consortium, “there can be no assurance that the transactions discussed above, including the potential combination, will be completed.”

“ As a key part of the company’s strategy, Atlas Mara senior management continuously examines strategic opportunities to enhance shareholder value.  The company will keep the market apprised of developments as and when appropriate.  Any proposed transaction will be subject to regulatory and shareholder approvals.”



Tagged under:

Visit the official COVID-19 government website to stay informed: