Milost Global bids to acquire majority stake in Resort Savings & Loans

An American private equity firm, Milost Global Inc., is bidding to acquire a majority stake in a mortgage firm, Resort Savings & Loans Plc.

The acquisition deal worth $250 million has been filed at the Nigerian Stock Exchange.

The Board of Resort Savings & Loans said that Milost Global will provide $100 million, about N30.6 billion, as equity capital and $150 million, about N45.9 billion as debt capital.

The Board of Resort Savings stated that it had approved the proposed transaction at its meeting on February 26, 2018.

The Board said that the transaction will be executed in phases through private placement to Milost Global and another local investor, which had earlier been identified and submitted to the central bank of Nigeria.

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