FirstRand Ltd. (FSR.JO) said on Monday that it will buy Aldermore Group PLC (ALD.LN) for 313 pence a share, subject to shareholder approval.
FirstRand said the deal was worth about 1.1 billion pounds ($1.43 billion) and would be paid in cash.
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Aldermore Group's board said it recommended that shareholders support the offer. The bank added that its net loans for the third quarter were up 12% at 8.4 billion pounds, and its common equity tier-1 ratio--a measure of financial stability--was 12.1%.
Aldermore Chief Executive Phillip Monks said that backing from FirstRand would help the bank to accelerate the delivery of its business strategy and further expand the products and services available to customers.
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(END) Dow Jones Newswires
November 06, 2017 02:45 ET (07:45 GMT)