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


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

Published Date: 2020-08-14 | Source: DealMakers | Author: Marylou Greig

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

DealMakers AFRICA

  • Pwani Oil Products a Kenyan firm based in Mombasa, has acquired the Ushindi soap brand from PZ Cussons, a personal and homecare conglomerate for US$1 million. Pwani Oil will upscale the production and distribution of Ushindi line of products which includes soap bars and laundry detergents.
  • Equity Group Holdings plc, a financial services holding company headquartered in Nairobi, has completed its acquisition of a 66.53% stake in the Banque Commerciale Du Congo (BCDC) at a cost of US$95 million. Equity Group now has two subsidiaries in the DRC having earlier acquired ProCredit, a German bank rebranded as Equity Bank Congo. The two merged subsidiaries will have a balance sheet in excess of $2 billion.
  • Access Bank's subsidiary in Zambia has agreed to acquire Cavmont Capital Holdings, the Zambian arm of Namibian financial services group Capricorn for a nominal amount. Cavmont Capital owns 100% of loss-making Cavmont Bank. As part of the deal, Access Bank Zambia will merge with Cavmont Bank and US$16,5 million will be invested into the merged entity.
  • Helios Towers is to acquire the passive infrastructure assets of Free Senegal for a cash consideration of €160 million. The deal with Senegal's second largest mobile operator involves 1,200 sites and will be financed with existing cash and debt facilities.
  • Dresscode a Cairo-based e-commerce startup providing a platform for local fashion brands and designers to market and sell their products, has raised a six-figure US$ seed funding. The funds will be used to grow its team and roll out new product offerings and express deliveries.
  • ElGameya a Cairo-based fintech startup, has raised in a pre-seed round led by AUC Angels, a six-figure investment. Other participants include Alex Angels and Cairo Angels. The fintech application assists users to organise and manage micro-savings and credit using the concept of money circles where users save and borrow collectively.
  • Paymob, the Egyptian digital payments provider, has raised US$3,5 million in a funding round led by Global Ventures and the Dutch Entrepreneurial Development Bank FMO with a follow-on investment by A15. The infrastructure technology enabler provides payment solutions to empower digital financial services providers across and Africa and the Middle East through mobile wallet technology. The proceeds will be used to further expand its network to meet rising demand as well as product development and the establishment of a larger regional footprint.
  • The International Finance Corporation has announced a US$50 million loan to Diamond Trust Bank Kenya to support its borrowers of small and medium enterprises who have been affected by the economic challenges brought on by COVID-19.
  • Kenya Nut Company has received a US$18,7 million loan from Proparco, a subsidiary of Agence Française de Développement (AFD). The long-term financing will be used to finance the company's 2019-2020 development plan and to assist with short-term cashflow needs.

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

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