Milost Global, a New York-based private equity firm, yesterday terminated $1 billion equity and debt deal designed to grant it 60 percent stake in Unity Bank Plc.
In a statement, the management of Milost said it has analyzed all the facts on the Unity Bank deal and decided to terminate the transaction.
It said a letter terminating the transaction was on Monday morning sent to Unity Bank, even as the firm reaffirmed its interest in the Nigerian market.
Unity Bank Plc had last week dismissed the report that Milost Global Inc. plans to invest $1 billion in the bank.
The bank said in a statement it has not reached any agreement with Milost to warrant such speculation.
The statement signed by Matthew Obiazikwor, the bank’s Head of Corporate Communications, said “we categorically dismiss media claims of any such deal and advice the public to disregard any information to the contrary.
“The bank hereby makes further clarifications regarding its ongoing recapitalization programs to the effect that Unity Bank has not received the commitment for the investment of $1 billion from Milost.
Unity Bank is in talks with a number of potential investors and has not concluded to pave way for a commitment of an investment.”
