Milost cancels $1bn equity deal with Unity Bank

Milost cancels $1bn equity deal with Unity Bank

Milost Global Inc., a New York-based private equity firm, said it has terminated $1 billion equity and debt deal designed to grant it 60 percent stake in Unity Bank Plc.

Management of Milost in a statement said it has analysed all the facts on the Unity Bank deal and decided to terminate the transaction.

A letter terminating the transaction, according to the company 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 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.

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