EverQuest Acquires FBNQuest

FBN Holdings Plc has announced the sale of its 100 per cent equity stake in FBNQuest Merchant Bank Limited to EverQuest Acquisition LLP.

A statement filed with the Nigeria Exchange Limited by the Acting Company Secretary for FBN Holdings, Adeware Arogundade on Friday stated that the move comes after a competitive bidding process, with EverQuest Acquisition LLP a consortium comprising Custodian Investments Plc, Aion Investments, and Evercorp Industries emerging as the preferred bidder.

FBNQuest is the unified brand identity for the merchant banking and asset management businesses of FBN Holdings.

EverQuest Acquisition LLP is a consortium of three companies, including Custodian Investments PLC, Aion Investments Limited, and Evercorp Industries, founded in June 2024.

“By the Nigerian Exchange Limited Rulebook, we at this moment notify the Nigerian Exchange Limited and the investing public that FBN Holdings Plc has entered into a Share Sale and Purchase Agreement to divest its 100 per cent equity stake in its wholly owned subsidiary, FBNQuest Merchant Bank Limited. This sale aligns with the company’s strategy to optimise its portfolio within the group.

“Following a competitive bid process, EverQuest Acquisition LLP (comprising Custodian Investments PLC, Aion Investments and Evercorp Industries) was selected as the preferred bidder. The completion of the sale is subject to approvals from the relevant regulatory authorities,” the holding firm added.

The company disclosed the development through a share sale and purchase agreement, highlighting that the transaction was subject to approval by the relevant regulatory authorities.

FBN Holdings emphasised that the divestment aligned with its broader strategy to streamline its portfolio for enhanced growth and focus across the group.

FBNQuest Merchant Bank’s gross earnings for 2023 rose by 43.1 per cent year-on-year to N35.5bn.