International Finance Corp. and unit IFC Asset Management Co. LLC completed the sale of their 14.1% stake in Togo-based Ecobank Transnational Inc. to Africa-focused private equity firm Arise B.V., Ecobank Transnational said in a statement Aug. 28.
Details of the transaction were not disclosed. J.P. Morgan Securities PLC served as the sole placement agent and the sole financial advisor to IFC and the funds managed by its asset management unit.
Arise is a holding company created by Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV, Norfund and Rabobank in 2016. It primarily invests in financial institutions and financial services providers in Africa.
International Finance and IFC Asset Management are members of the World Bank Group.
