National Commercial Bank, NCB, has finally closed a deal to take over majority ownership in the Trinidad-based Guardian Holdings Limited, GHL.
The deal will see NCB Financial Group increasing its shareholding in GHL from 20% to 81%.
In a statement yesterday, NCB says all the terms and conditions of the offer have now been complied with or waived.
The deal hit a hiccup last month, when Trinidadian authorities refused to allow NCB to use a particular financing arrangement to pay for the deal, but that has since been resolved.
The takeover bid was circulated on December 31, and is now being completed after five extensions.
NCB says it will be paying over 207-million US dollars to GHL shareholders who’ve agreed to sell.
The company says the shares will be paid for by May 13.