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South Africa's FirstRand completes acquisition of UK's Aldermore

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South Africa's FirstRand completes acquisition of UK's Aldermore

The court-approved scheme of arrangement through which the acquisition of U.K.-based Aldermore Group Plc by FirstRand International Ltd., a wholly owned subsidiary of South African lender FirstRand Ltd., will be implemented became effective March 14, the British bank said the same day.

Consequently, the delisting and cancellation of the admission to trading of Aldermore's shares on the London Stock Exchange are expected to take place March 15.

Aldermore said shareholders on the register March 13 will be entitled to receive 313 pence in cash for each scheme share held.

In November 2017, the boards of FirstRand and Aldermore agreed on the terms of a cash offer for the British bank's entire issued and to-be-issued ordinary share capital for 313 pence per share, valuing the British lender at approximately £1.1 billion.