The Shareholders of I&M Holdings have given their approval to the East African banking group’s acquisition of a 65% stake in Burbidge Capital, a corporate finance advisory firm, in a deal that was first announced in October 2015. The terms of the deal remained undisclosed.
The vote, which took place at I&M’s AGM last week, was unanimous. The transaction helps I&M to broaden out its service offering in the region as it implements its strategy to become a one-stop shop for its commercial customer base in the region.
Burbidge Capital, which was founded in in 2010 by Edward Burbidge, has offices in Nairobi, Kampala and London and provides clients with advice on transaction across sub-Saharan Africa. I&M Holdings, which was founded in 1974, has operations in several east African countries including Tanzania, Rwanda and Mauritius. In April 2015, the UK’s development finance institution, CDC, announced it was buying the stakes in I&M Holdings owned by fellow European DFIs DEG and Proparco to take an almost 11% stake in the Nairobi-headquartered group.