India: CreditAccess Grameen to Buy Madura Microfinance

Microfinance firm CreditAccess Grameen Ltd. (CAGL), said on Wednesday that it has acquired Madura Microfinance Ltd (MMFL), and will eventually merge it into its own business.

CAGL will first acquire a 76.2 percent stake in MMFL from its existing shareholders for cash, and later merge the businesses and acquire a 100 percent stake, giving MMFL shares of the acquirer instead.

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