Aluko & Oyebode acted as Nigerian counsel to leading international banking group, Standard Chartered Plc (the “Group”) on the Nigerian aspects of the Group’s spin out from its global private equity business, and the sale of the majority of its private equity investment portfolio to ICG Strategic Equity Advisors, a unit of Intermediate Capital Group Plc for approximately US$1 billion.
The transaction was structured as a management buyout by Affirma Capital, a firm owned and managed by members of the management team of Standard Chartered Private Equity.
The spin off captures the Group’s private equity portfolio in 35 firms across Africa, Southeast Asia, India, China, South Korea and the Middle East, and includes private equity assets held on Standard Chartered’s balance sheet and managed by Standard Chartered’s private equity team.
Further to the transaction, Affirma Capital, an independent firm, will manage the portfolio for ICG Strategic Equity, part of Intermediate Capital Group.
Partner Ayodeji Oyetunde commented “We are delighted to have advised Standard Chartered Plc on this ground-breaking transaction and congratulate Standard Chartered Plc and Intermediate Capital Group Plc on this significant milestone”.
Standard Chartered Plc announced the transaction in a publication accessible here.
The Aluko & Oyebode team on the transaction was led by Private Equity Partner, Ayodeji Oyetunde, who was assisted by Senior Associate, Lotanna Nwodo, and Associates, Chidiebere Odoemenam, and Abisola Akinyemi.