Home BUSINESS Milost cancels $1bn equity deal with Unity Bank

Milost cancels $1bn equity deal with Unity Bank

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Milost Global Inc., a New York based private equity firm, on Monday terminated $1 billion equity and debt deal designed to grant it 60 per cent stake in Unity Bank Plc.

In a statement, the management of Milost said it has analysed all the facts on the Unity Bank deal and decided to terminate the transaction.

It said a letter terminating the transaction was on Monday morning sent to Unity Bank, even as the firm reaffirmed its interest in the Nigerian market.

Unity Bank Plc had last week dismissed report that Milost Global Inc. plans to invest $1 billion in the bank.

 The bank said in a statement it has not reached any agreement with Milost to warrant such speculation.

The statement signed by the bank’s Head of Corporate Communications, Matthew Obiazikwor, said “we categorically dismiss media claims of any such deal and advice the public to disregard any information to the contrary.

“The bank hereby makes further clarifications regarding its ongoing recapitalization programs to the effect that Unity Bank has not received commitment for investment of $1 billion from Milost. Unity Bank is in talks with a number of potential investors and has not concluded to pave way for commitment of an investment.”