Global law firm Dentons has advised LFS Advisory GmbH on the sale of its shares in Access Microfinance Holding AG (AccessHolding) to the African investment company AFG Holding SA (AFG). 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 closing of the sale was subject to the spin-off of AccessHolding’s interests in Creo Bank in Georgia and Bank Arvand in Tajikistan to new holding companies. Dentons also advised on the spin-off and documentation of the corporate governance structure of the new companies. In addition, Dentons advised on the refinancing of AccessHolding as part of the overall transaction.
With the acquisition of the shares in AccessHolding, the Ivorian investment company AFG will now indirectly hold shares in five African financial institutions managed under the umbrella of AccessHolding: Access Bank Liberia, AccèsBanque Madagascar, AB Microfinance Bank Nigeria, AB Rwanda and AB Bank Zambia. Their combined assets amount to over €150 million, with a loan book of around €135 million. AFG now has a total of 11 banks in sub-Saharan Africa.
The management team of AccessHolding and its subsidiaries will remain unchanged, and LFS Advisory GmbH will continue to be associated with AccessHolding to facilitate the transition to the new owner.
Access Microfinance Holding was founded by LFS and other investors in 2006 in Berlin to establish a global network of microfinance institutions. It provides equity, debt and advisory services to its subsidiaries. A multi-competency Dentons team led by Berlin partner Dr. Holger Ellers provided comprehensive legal and tax advice to LFS and AccessHolding in connection with the change of shareholders, the sale of shares in LFS Advisory, and the refinancing of AccessHolding.
Advisors to AccessHolding and LFS Advisory
Berlin/Dusseldorf/Frankfurt/Munich: Dr. Holger Ellers (Lead partner), 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).
