I&M Holdings PLC (NASE:IMH) agreed to acquire 90% stake in Orient Bank Limited from a group of shareholders for approximately UGX 120 billion on July 17, 2020. This consideration is subject to further adjustments on account of such matters as any exchange rate (USD–UGX) fluctuation between the date of signing of agreement and completion of the transaction. The effect of completion of the transaction will be that OBL will become a subsidiary of IMHP. For the year ending 2019, Orient Bank Limited reported net operating income of UGX 66.39 billion, loss before tax of UGX 9.57 billion, shareholders' funds of UGX 114.1 billion and net loss of UGX 1.05 billion. The transaction is subject to several conditions, including receipt of all regulatory and corporate approvals, including those from the Central Bank of Kenya, Bank of Uganda, the Capital Markets Authority and COMESA competition authority, approval of shareholders of Orient Bank Limited and I&M Holdings PLC. IMHP’s Board has given due consideration to this transaction and unanimously resolved to recommend to all shareholders to vote in favour of the transaction. As of December 2, 2020, the transaction was approved by the shareholders of I&M Holdings PLC. The transaction is expected to be complete on December 31, 2020. Jennifer Kiima Mbaluto and Simon Tinkler of Clifford Chance LLP acted as legal advisor to 8 Miles LLP. I&M Burbidge Capital Ltd acted as financial advisor, Anjarwalla & Khanna acted as legal advisor, KPMG Advisory Services Limited acted as financial due diligence provider and KPMG Kenya acted as accountant to I&M Holdings PLC.