12/18/2013 @ 8:24PM |3,867 views
Ashish J. Thakkar
Atlas Mara, which filed its prospectus on Tuesday, December 17, said its initial target was to raise $250 million, but the offer was significantly oversubscribed. Atlas Mara plans to list on the London Stock Exchange on Friday, December 20, while conditional trading of the stock begins on Tuesday.
Atlas Mara will seek out investment opportunities in Africa’s financial sector, aiming to acquire a financial services company that has a significant presence in Africa. Thakkar and Diamond have had a series of meetings with Nigerian senior officials, prompting speculation that they might be looking to purchase one of the lenders in the country.
“There are significant gaps in the market today including the need for capital created by European financial institutions retreating to their home territories due to the sovereign debt crisis and the Basel III regulatory framework at a critical time for growth in Africa….this situation presents opportunities for the company to execute the acquisition and to create a financial institution that provides leadership, liquidity, access to investors, product innovation, and technology to support economic growth and strengthen financial systems in Africa,” the directors said in a press release.
Diamond, who quit Barclays in July 2012 in the wake of a rate-fixing scandal, is partnering with Ashish J. Thakkar, the founder of the Mara Group, a pan-African multi-sector conglomerate with operations across 18 African countries, spanning IT, BPO, retail, manufacturing, real estate, hospitality and agriculture in the new venture. While Diamond is expected to bring his many years of seasoned expertise in the financial services industry, Thakkar will bring his savvy understanding of African markets to the table. Thakkar and Diamond have jointly invested $20 million of their own funds in the venture. Citigroup served as the sole global co-coordinator on the deal.
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