
MBU acquires Union Bank UK
MBU Capital has wholly acquired Union Bank UK, the UK-based business lending arm of Union Bank of Nigeria.
The firm used its vehicle MBU BidCo to acquire the company in a competitive bid process.
MBU makes direct and venture capital investments on behalf of a number of high-net-worth individuals.
While the management team of Union Bank's UK division will stay on to lead the company, they have not reinvested alongside MBU.
Union Bank of Nigeria is divesting the entity to focus its operations on Nigeria.
Unquote understands this is an all-equity transaction.
Company
Headquartered in London, the bank offers financing to small and medium-sized businesses and entrepreneurs. It employs 40 people and was founded in 2003. The company reported profit before tax of $900,000 from revenue of $13m for 2018.
People
MBU Capital – Mohammed Iqbal (founder, CEO).
Union Bank of Nigeria – Emeka Emuwa (CEO).
Advisers
Equity – PwC (financial due diligence); Syndeo Capital (financial due diligence); Akin Gump Strauss Hauer & Feld (legal).
Vendor – Chapel Hill Denham (corporate finance); White & Case, Udo Udoma, Belo-Osagie (legal).
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