By Ian Walker

Standard Bank Group Ltd. said Thursday that it has agreed to buy Liberty Holdings Ltd. in a cash and share deal which the companies say will create a "united and formidable competitor in financial services in Africa with compelling scale."

Under the takeover, accepting Liberty shareholders will get 0.5 of a Standard Bank share and 25.50 rand ($1.76) in cash.

Liberty will also pay a special distribution of ZAR11.10 to its ordinary shareholders if the deal completes, the companies said.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

07-15-21 0208ET