Africa focused investment firm Helio Investment Partners is selling half its stake in Kenya’s Equity Bank to two Norwegian firms.
Under the deal, Helios will sell 12.2% stake in Kenya’s Equity Bank to Norway’s Norfund and NorFinance at an undisclosed value.
The deal, which is subject to regulatory approval, will involve the sale of 452.9 million shares.
Helios, which purchased 24.9% stake in Equity Bank for KES11bn in 2007, is Equity’s largest shareholder.
Equity Bank chief executive James Mwangi said, "This transaction, which is currently the largest of its kind in sub-Saharan Africa, brings diversification to Equity’s capital base."