The stock option was done at a conversion rate of 4.02994 shares for every 100 NCBA shares.
By
Charles Mwaniki
Business Reporter
Nation Media Group
NCBA Group shareholders will receive cash and stock in Nedbank Group worth Sh116.3 billion in exchange for ceding a 66 percent stake in the Kenyan lender to the South African giant.
Nedbank will pay Sh23.23 billion in the cash option, and hand the NCBA sellers 43.63 million shares for the equity option.
NCBA will help Nedbank diversify its business, which currently comprises operations in six southern African markets.
NCBA has physical operations in Kenya, Uganda, Tanzania and Rwanda and digital presence in Ivory Coast and Ghana.
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The deal will see Kenyatta families and former Central Bank governor Philip Ndegwa emerge as major beneficiaries of a transaction…
