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

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

Published Date: 2021-01-22 | Source: DealMakers | Author: Marylou Greig

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

DealMakers AFRICA

  • Kasada Capital Management, through its debt fund Kasada Hospitality Fund, has acquired from AccorInvest a portfolio of eight sub-Saharan African hotels. The hotels are located in Côte d'Ivoire, Senegal and Cameroon. Financial details were undisclosed.
  • Heirs Holdings an African strategic investor, has acquired a 45% participating interest in Nigerian oil licence OML 17 and related assets from the Shell Petroleum Development Company of Nigeria, Total E&P Nigeria and ENI. The acquisition made through TNOG Oil and Gas, a related company of Heirs and Transcorp, will have sole operatorship of the asset. The transaction is one of the largest oil and gas financings in Africa in more than a decade, with the financing component of $1,1 billion provided by a consortium of global and regional banks and investors.
  • Argentil Capital Management, a Nigerian investment and infrastructure advisory firm, has announced an equity investment in Sygen Pharmaceuticals. Sygen was incorporated in 2019 to acquire the key operating assets of Nigerian German Chemicals (NGC). Sygen produces and distributes pharmaceutical products covering analgesic, anti-diabetics, antifungal, anti-spasmodic, cough medication and hematinic drugs under the NGC brand. The investment, the value of which was undisclosed, was structured by Consumer Growth Partners along with other investors.
  • Arab Banking Corporation (ABC), has entered an agreement to acquire a 99.4% stake in Blom Bank Egypt. The proposed cash consideration of a 100% stake is EGP6,700 million.
  • Ardova Plc, an indigenous energy group headquartered in Lagos, Nigeria, has entered into discussions with the shareholders of Enyo Retail and Supply to acquire the chain. Enyo operates over 90 stations across Nigeria, attending to over 100,000 retail customers daily across 15 states of the country.
  • Globeleq, an independent power generation company headquartered in the UK, is to take a 74% equity stake in an existing Nigerian power business from Clean Energy Group, who will retain the remaining 26% interest. The power business called GPGNL which has a portfolio of assets which includes 15 plants in addition to a number of projects in development will be rebranded as Globeleq Power Solutions Nigeria.
  • Lesieur Cristal, a Moroccan producer of cooking oil and soap, has increased its African footprint with the acquisition of a controlling stake in the African assets of Avril Group housed in Oleosin (Senegal). In addition, the company has acquired control of Cristal Tunisia which markets a wide range of products from table oils, condiments to soaps .
  • uLesson, a Nigerian edutech startup, has secured US$7,5 million in a Series A funding round led by Owl Ventures and exiting investors TLcom Capital and Founder Collective. Funds will be used to launch new products and the startup aims offer an iOS app in the near future.
  • Gro Intelligence, a AI-powered insights company providing decision-making tools, solutions and analytics to the food, agriculture and climate economies and their participants, has received US$85 million in Series B funding from Intel Capital and Africa Internet Ventures among others. The finance will be used to accelerate the growth and global adoption of the Gro Platform.
  • Opio, the Egyptian e-commerce startup has raised a US$300,000 seed funding. The fashion wear brand provides a direct-to-consumer platform and commissions white label and toll manufacturing women's wear apparel to different manufacturers. The proceeds will be used to expand operations.
  • Daystar Power, a West African provider of hybrid solar power solutions to businesses in the region, has announced a Series B investment of US$38 million. The round was led by the Investment Fund for Developing Countries (IFU), the Danish development finance institution and STOA and Morgan Stanley Investment Management. Proceeds will be used to grow operations in key markets of Nigeria and Ghana while deepening its presence in regional countries such as Côte d'Ivoire, Senegal and Togo.
  • OZÉ, a Ghana-based fintech startup has closed a US$700,000 seed round from Anorak Ventures, Matuca Sarl, Ride Tide Africa, among others. OZÉ is focused on helping small African businesses to grow by digitising operations and providing access to affordable capital. The funds will be used to expand to Nigeria.
  • Docspert Health, a Cairo-based startup telemedicine platform connecting patients in the Middle East and Africa with international medical experts, has secured a six-figure undisclosed investment from Flat6Labs and several other angel investors from the US and UK.

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