Allen & Overy has advised the Rwanda Development Board on its disposal of a 77% stake in the Development Bank of Rwanda (BRD) to Atlas Mara Co-Nvest Limited (Atlas Mara).

Paris/London : Subject to the satisfaction of certain regulatory and other conditions, Atlas Mara has agreed to acquire the Government of Rwanda’s 77% shareholding in the commercial arm of the Development Bank of Rwanda. This follows the announcement in April 2014 that the Company and Government had signed a Memorandum of Understanding to privatise BRD.

This is a significant step in Atlas Mara’s objective to become a leading financial services group in sub-Saharan Africa. BRD has served at the forefront of economic development in Rwanda for 46 years. The transaction will also help support Rwanda’s emergence as a financial services hub in the region.

Commenting on the transaction, Allen & Overy partner Simon Toms said: "This is Atlas Mara’s first acquisition in Rwanda, in line with the government's efforts to encourage privatisation with the goal of attracting foreign direct investment and fostering economic development. We are especially pleased to assist our client on this transaction as Allen & Overy has strong existing links with Rwanda, notably through our long-running pro bono project providing training to Rwandan lawyers, judges and the private sector to help support Rwanda’s new ‘trijural’ approach.”

The Allen & Overy team was led by partners Simon Toms (London) and Christine Poyer-Rufenacht (Paris), supported by associate Ash Tiwari. Atlas Mara was advised by King & Wood Mallesons SJ Berwin.

This transaction was facilitated by the African Legal Support Facility (ALSF). Hosted by the African Development Bank, ALSF supports African governments in the negotiation of complex commercial transactions by providing assistance to African countries to strengthen their legal expertise and negotiating capacity.