UAC of Nigeria Plc (NGSE:UACN) signed a memorandum of understanding to acquire 51% stake in Portland Paints and Products Nigeria Plc (NGSE:PORTPAINT) on July 16, 2012. The transaction is subject to the approvals of the Securities and Exchange Commission and the Nigerian Stock Exchange. As of May 29, 2013, definitive agreement was signed. KPMG Nigeria acted as accountant for UAC of Nigeria in the transaction. Udo Udoma & Belo-Osagie acted as legal advisor for UAC of Nigeria Plc.


UAC of Nigeria Plc (NGSE:UACN) completed the acquisition of 51% stake in Portland Paints and Products Nigeria Plc (NGSE:PORTPAINT) for approximately NGN 910 million on June 28, 2013. Under the terms, 204 million shares were acquired for NGN 4.47 each. The deal was approved by Securities and Exchange Commission, The Nigerian Stock Exchange and the shareholders of UAC of Nigeria Plc and Portland Paints and Products Nigeria Plc in a separate court-ordered meeting.