BACKGROUND INFORMATION
Transcorp Hilton (formerly NICON Hilton Hotel Abuja) was slated for privatisation in year 2004 using a Core Investor strategy for the divestiture of the FGN shareholding. The BPE advertised for interested parties/consortium to bid for the 51% stake in the hotel. After a competitive bidding, the controlling stake was sold for USD$105,009,000.00 at USD$41.18/share to Capital Consortium Transnational Corporation Plc with the execution/signing of the Share Sale/Purchase Agreement (SSPA) dated 9th December 2005 between and among the NCP/BPE and the Consortium members.
Name of Enterprise
NICON Hilton Hotel (Now Transcorp Hotels)
Name of Investor
Capital Consortium Transnational Corporation Plc
Reform Strategy
Core Investor Sale
Date of Transaction
2005
Cost of Transaction
USD$105,009,000.00
Status
Operational
