American diversified conglomerate Williamsville Sears Management (WSML) has inked a letter of intent (LOI) to acquire Ghana-based micro-lender True Life Capital Microfinance in an all-stock transaction.
Founded in April 2012, True Life Capital Microfinance offers a wide range of financial solutions and advisory services. Its core business is deposit mobilisation and granting of loans to individual, micro and small enterprises.
If the transaction materialises, WSML, through a local wholly owned subsidiary, will own 100% of the outstanding shares of True Life Capital Microfinance.
Williamsville Sears Management chairman and CEO Kent Clark said: “Our aim in acquiring True Life Capital Microfinance and converting into a big savings and loans bank is in line with that component of our corporate vision for socially conscious, foreign investment.
“By picking a company focused on bottom-up impact on society, we seek to address eight of the seventeen goals of the 2030 Sustainable Development Goals aimed at achieving maximum benefit to the communities in which we invest.”
The due diligence has already commenced, and if it is found to be satisfactory, the transaction is expected to close in August.