AFG Holding acquires a controlling stake in Access Holding
AFG Holding, advised by Willkie Farr & Gallagher (France), has acquired a controlling stake in Access Microfinance Holding (AccessHolding) and indirectly its African subsidiaries, advised by Dentons (Germany).
The former investor group behind AccessHolding included BII, EIB, IFC, KfW, two responsability-managed funds, Omidyar-Tufts Active Citizen Trust, and Triodos Investment Management (through Triodos Fair Share Fund and Triodos Microfinance Fund) as well as the founding partner, LFS Advisory GmbH, which will remain involved in AccessHolding for a transition period. Likewise, the management teams of AccessHolding and its subsidiaries will remain unchanged during this transition.
Shareholders involved
The other shareholders of AccessHolding, including British International Investment, European Investment Bank, International Finance Corporation, KfW and Triodos, also sold their shares in AccessHolding to AFG in a parallel transaction. The scope of the operation involves five African subsidiaries, namely: Access Bank Liberia, AccèsBanque Madagascar, AB Microfinance Bank Nigeria, AB Rwanda, AB Bank Zambia.
The combined assets exceed EUR 150 million with a loan portfolio of EUR 135 million as of December 2023. AFG Holding was able to obtain all banking approvals and all regulatory authorizations for this large-scale operation from the competent central banks, and the green light from the competition authority (antitrust), COMESA.
Firms advising AFG on this transaction
Groupe FINACTU as exclusive financial advisor, Mazars (France) as audit firm and Willkie Farr & Gallagher (France) as law firm.
Firms advising the selling shareholders on this transaction
Norton Rose Fulbright (Germany) and Dentons Europe (Germany) as law firms.
Dentons’ team
Dentons’ team comprised lead partner Dr. Holger Ellers (pictured below), Matthias Hause (counsel), Jennifer Brenke (counsel), Dr. Martin Horstkotte (of counsel), Yasmin Mohammadi (senior associate), Jana Winkler (associate, all corporate, all Berlin), Alexander Reiner (counsel), Henrik Spalek (associate, both Munich, all corporate/M&A), Dr. Axel Schlieter (partner), Paul Sieminski (associate, both banking and finance, Dusseldorf), Hauke Thieme (partner), Holger Hölkemeier (counsel, both tax), Dr. Christian Schefold (partner, compliance), Frank Lenzen (partner), Nurdan Adamidis (senior associate, both employment and labor), Heiko Heppner (partner, dispute resolution, all Frankfurt).
About AFG Holding
Based in Ivory Coast, AFG Holding is the banking arm of Atlantic Group, active in Africa for more than 40 years in the banking and insurance sector. By acquiring AccessHolding AFG Group expands its banking network with subsidiaries in Central, West Africa and the Indian Ocean and pursues its ambition as an integrated pan-African banking group, offering innovative financial services through banking entities, and microfinance with sustainable impact.
