Who's doing what in the African M&A space?


Who's doing what in the African M&A space?

Published Date: 2020-07-31 | Source: DealMakers | Author: Marylou Greig

Who's doing what in the African M&A space?

DealMakers AFRICA

  • Cairn Energy, the Scottish oil and gas explorer and producer, is to sell its 40% interest in the Rufisque, Sangomar and Sangomar Deep contract (RSSD) area offshore Senegal to Russia's Lukoil. The transaction is valued up to US$400 million plus reimbursement of development capital expenditure incurred since January 2020. Following the completion, Cairn intends to return at least $250 million to shareholders.
  • Golden Star Resources, is to sell its 90% interest in the Bogoso-Prestea gold mine in south-western Ghana to Future Global Resources (FGR) for a purchase consideration of US$55 million with a further contingent component of up to $40 million. The $55 million payable is cash free, debt free and working capital free basis. The contingent payment will be triggered if FGR decides to proceed with a Bogoso sulphide project or once it has extracted 5% of the sulphide resources at the project.
  • The Aga Khan Fund for Economic Development (Akfed), an international development agency investing in countries of East and West Africa, has made a bid to acquire fibre optic undersea cable group Seacom. Akfed currently owns a significant stake in Seacom through its subsidiary Industrial Promotion Services.
  • Enko Africa Private Equity Fund (EAPEF) a fund targeting medium and small-cap growth companies across Africa, has completed its first exit - the exit of its investment in AMI Worldwide, a pan African logistics business with operations in East, Central and Southern Africa.
  • Network International a provider of technology-enabled payments solutions to merchants and financial institutions across the Middle East and Africa, has announced plans to acquire a leading African payment service provider DPO Group for a total consideration of c.US$288. The payment consideration for the Kenyan headquartered company will be funded through the proceeds from an equity placing representing 10.0% of the Company's existing issued share capital, $50 million vendor consideration shares issued to Apis Growth Fund I and $13 million consideration shares issued to the DPO co-founders.
  • Mondi has through its subsidiary Mondi Paper Bags, acquired two paper bag lines from Egyptian cement producers Hewan Cement Co and InterCement Sacs. The production lines will increase Mondi's capacity by between 60 million and 80 million bags annually, strengthening its position in the Middle Eastern bag market. Financial details were undisclosed.
  • Aura Energy, an Australian based minerals company with major battery metal/ polymetallic and uranium projects in Europe and Africa, has signed a C$4,5 million funding term sheet for the creation of a joint venture vehicle with TSX-listed Chilean Metals for its gold, base and battery metal tenements in Mauritania.
  • Nigerian Content Development and Monitoring Board (NCDMB), has signed an agreement with Duport Midstream Company to establish an Energy Park in Egbokor and an agreement with Eraskon Nigeria to establish a lubricating oils blending plant in Gbarain. The investment by NCDMB is in line with the board's vision to serve as a catalyst for the industrialisation of the Nigerian oil and gas industry and its linkage sectors.
  • InfraCo Africa , a multi-government funded, privately managed company providing early stage development capital and expertise to develop infrastructure projects in sub-Saharan Africa, has committed $6 million in funding to the 143MW Bumbuna Hydro II initiative in Sierra Leone. The agreement was signed with Joule Africa, a renewables developer through local project company Seli Hydropower. Bumbuna Hydro II is expected to begin construction in 2021.
  • REDAVIA, an African solar developer, has received a €1,5 million loan from Energy and Environment Partnership Trust Fund. The investment will enable further expansion of REDAVIA's solar power leasing model currently in Kenya and Ghana.
  • Nova Merchant Bank a Nigerian merchant bank focused on wholesale and investment banking, has successfully completed its first bond issuance in the debt market. The ₦10 billion 7-year subordinated unsecured bond, issued under its ₦50 billion debt issuance programme, was heavily oversubscribed.
  • Mcube Investments One and Omajowa Properties list on the Namibian Stock Exchange on July 31 as a capital pool companies - an alternative vehicle for listing on the NSX. The exchange has granted Mcube Investments the listing of 10 million ordinary shares - the authorised share capital is 200 million while Omajowa Properties authorised share capital comprises 500 million linked units of one ordinary share and one unsecured variable rate debenture.

DealMakers Africa is the Continent's M&A publication.

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