Milost Global Incorporation, a New York based private equity firm has finally terminated a $1 billion deal to acquire Unity Bank Plc.
Be that as it may, Kim Freeman, Managing Partner & CEO of Milost disclosed this in a statement that: “On September 4, 2017 a $1 billion financing term sheet was fully executed by both Milost and Unity Bank. The facility, a combo of equity and debt, was provided on the exciting understanding that Unity Bank would delist on the Nigerian Stock Exchange and move its listing to the USA. The signed term sheet was approved by the board of Unity Bank.”
“Milost Global Inc. has analysed all its facts on the table and decided to terminate the Unity Bank transaction and the termination letter was sent to the bank. ”
“Milost will continue to do business in Nigeria despite any negative publicity and this will ultimately benefit Nigeria and Africa.”
“Milost Global Inc, wishes to reaffirm its interest in the Nigerian market and to also state that it will soon be releasing the first and second drawdowns to Japaul Oil & Maritime Services Plc to the total of $21 million in a combo of equity and debt. Another first and second draw down proceeds of $10 million will be released to Resort Savings & Loans Plc; the funds will be released to both company within the month of April.”
“Soon after the (Bloomberg) story broke, Milost started receiving threatening emails from a gentleman who says he is politically connected to the powers that could shut Milost out of Nigeria if Milost didn’t terminate the Unity Bank transaction.”
“The said individual was very well informed about our dealings with Unity Bank such that he knew the audit group Milost had hired to carry out the final due diligence. He told Milost to tell the board of Unity Bank that the audit firm had instructed Milost that Unity Bank was a bad investment, failing which he would unleash the media on Milost using among other things accusations that would cause the government to send Milost packing. These threatening emails were shared with the CEO of Unity Bank and the then CFO Ebenezer Kawole’’.