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FirstRand's acquisition of UK's Aldermore gets regulatory approvals

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FirstRand's acquisition of UK's Aldermore gets regulatory approvals

The U.K. Prudential Regulation Authority and Financial Conduct Authority and the South African Registrar of Banks have approved the acquisition of British bank Aldermore Group Plc by South Africa-based FirstRand Ltd.'s wholly owned subsidiary FirstRand International Ltd.

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

The transaction's completion remains subject to the waiver or satisfaction of other remaining conditions, FirstRand noted.

The court hearing to sanction the scheme of arrangement, through which the acquisition will take effect, is slated for March 12. The scheme is expected to be effective from March 14, and Aldermore's shares will be delisted the day after.