Acquisition of the majority stake of 81.82% in ARM Pension Managers (PFA) Limited

This notification relates to the acquisition of 81.82% of the issued share capital of ARM Pension Managers (PFA) Limited (the Target or ARM Pension) from its majority shareholder, ARM Traditional Asset Management Limited (ARM-TAM) (the Acquisition). After the Acquisition, the Acquirer intends to effect a merger of the Target with Access Pensions Limited (Access Pensions), a wholly owned subsidiary of Access Golf Nigeria Limited (the Acquirer or Access Golf). Access Golf is an investment vehicle that owns the majority shareholding in Access Pensions. Access Pensions is a Pension Fund Administrator (PFA) incorporated in Nigeria and licensed and regulated by the National Pension Commission (PenCom). Access Pensions principal activity is pension fund administration involving management of retirement savings account and legacy funds. The Target in addition to Access Pensions activities also offers other pension products and services including: retirement advisory; programmed withdrawal; micro pension, and additional voluntary contribution. Following the acquisition, ARM Pension and Access Pensions (the Merging Entities) will merge and become one entity. The merger will be consummated through a Scheme of Merger (the Scheme). Under the terms of the Scheme, ARM Pension will transfer all its assets, liabilities and undertakings to Access Pensions. The Merger of ARM Pension and Access Pensions will create a pension fund administrator with assets under management (AUM) of just over N2.22 Trillion. The expected revenue and cost synergies are material and promise significant long-term value. The enlarged Access Pensions will provide customers with an enhanced service offering, support the rollout of micro pension products and provide a better overall customer experience.