Atlas Mara Ltd. has yet to sign detailed transaction agreements with Equity Group Holdings PLC regarding a deal that will see the Kenyan banking group issue shares to the London-listed financial services group in exchange for certain banking assets in four African countries.

Atlas Mara disclosed that it is still engaged in talks with Equity Group over the matter, but there was no guarantee that the proposed deal will be completed according to the terms announced in April 2019, according to a Jan. 2 statement. Separately, Equity Group said the binding term sheet that was previously signed has expired.

Both parties aim to reach mutually acceptable conditions as soon as possible in early 2020.

Under the share swap deal, Equity Group would acquire Atlas Mara's 62% stake in Banque Populaire du Rwanda Ltd. in exchange for shares. The Nairobi-based bank will also acquire all of Atlas Mara's indirect interests, held through Botswana-based ABC Holdings Ltd., in African Banking Corporation Zambia Ltd., African Banking Corporation (Tanzania) Ltd. and African Banking Corp. (Moçambique) SA.

In return, Atlas Mara will receive 252,482,300 ordinary Equity Group shares, or roughly 6.27% of the lender's pro forma share capital, corresponding to roughly $105.4 million.

Atlas Mara noted that it substantially completed confirmatory due diligence on the proposed deal on Sept. 30, 2019.