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


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

Published Date: 2020-11-13 | Source: DealMakers | Author: Marylou Greig

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

DealMakers AFRICA

  • Ibnsina Pharma, an Egypt-based pharmaceutical distribution company, has acquired a 75% stake in online pharmacy market place 3elagi for an estimated US$1,6 million which will be used for expansion. The startup enables customers to search, compare and order medication and beauty products from nearby pharmacies.
  • Pasofino Gold, a Canadian-based mineral exploration company listed on the TSX-V and FSE, has announced that Hummingbird Resources (Liberia) has exercised its option to acquire the "Central License" located and encompassed centrally within the Dugbe Gold Project. The company has an earn-in option for a 49% economic interest into the project.
  • FAR, the Australian oil minnow, has signed a binding agreement with ONGC Videsh (OVL) the Indian prospector for oil and gas, for the purchase of Senegalese Woodside's 13.67% stake in the Sangomar oil project. The fire sale transaction will see an initial payment of US$45 million plus $66,58 million to reimburse FAR's share of the costs for the project since January 1. A further $55 million (capped) in contingency payments could be due to FAR depending on oil prices over three years from first oil or December 31, 2027.
  • Impact Oil & Gas, the African-focused exploration company, has entered into an agreement with BG International, a subsidiary of Royal Dutch Shell, for the farm-out of a 50% working interest and operatorship in the Transkei and Algoa exploration right, offshore South Africa. Shell also has the option to acquire an additional 5% working interest.
  • Nairobi Business Ventures , the Nairobi retailer of leather shoes and leather accessories listed on the NSE, received shareholder approval for a Sh83 million investment by Dubai-based Delta International FZE, giving it an 84% stake in the company. The funds will be used to venture into new businesses including trading and the manufacturing of sustainable products.
  • Transnational Corporation of Nigeria (Transcorp) Consortium has acquired the 966MW installed capacity Afam Power and Afam Three Fast Power from the federal government of Nigeria for ₦105,3 billion. The acquisition sees a return of private investment in the power sector. Transcorp is a diversified conglomerate with strategic investments and core interests in the hospitality, agribusiness and energy sectors.
  • Turaco a mirco-insuretech startup based in Kenya, has closed a US$2 million seed funding round led by Novastar Ventures. Turaco partners with local companies and mobile lending organisations to provide simple and affordable medical cover to underserved communities.
  • Angaza, a Nairobi-based technology startup providing consumers access to essential products in emerging markets, has raised new investment from East African energy impact fund KawiSafi Ventures in a Series B investment round. Other investors include Total Carbon Neutrality Ventures, Ajax Strategies, Emerson Collective, Rethink Impact and Salesforce Ventures.
  • CARMA, a data marketplace startup based in Kenya which provides access to real-time credit data through a pay-as-you-go service, has an raised an undisclosed sum in an early-stage funding round led by Nigerian venture capital firm Microtraction. The funds will be used to expand into Nigeria.
  • Kuda, a Nigerian fintech startup operating a popular mobile-first challenger bank for consumers, has raised US$10 million in a seed round led by Target Global, Entrée Capital and SBI Investment. The funds will be used to scale its product offering.
  • Xend Finance, a Nigerian tech startup, has secured a US$1,5 million investment round from Binance Labs, Google Developers Launchpad, AU21 Capital among others. Xend offers tools to members who will contribute to the building of a decentralised financial credit union allowing users to perform basic transactions on their mobile phones.

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

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