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Atlas Mara completes $8.72mln Brainworks exit

Atlas Mara has completed the deal to sell its 10.1% stake in Brainworks Capital Management. As we reported in June  when the deal was first announced, the transaction valued the Zimbabwean private equity and advisory firm at almost $90 million.

The sale to undisclosed acquirers nets Atlas Mara $8.72 million, with payment being made with approximately $3.1 million in cash and a repurchase of 664,300 Atlas Mara ordinary shares.

The transaction is consistent with Atlas Mara’s strategy of shedding non-core assets from its acquisition of ADC FS in order to focus on its sub-Saharan banking operations.

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