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


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


Published Date: 2021-04-01 | Source: DealMakers | Author: Marylou Greig

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

DealMakers AFRICA

  • Altona Rare Earths, an exploration and mining company focused in Central and East Africa, has signed a binding option agreement over an initial 51% stake in the Leadway Group, a Ugandan company and owner of the Nankoma Rare Earths Project in Uganda. The company signed a non-binding Heads of Agreement to acquire a 70% legal and beneficial stake in the Leadway Group in September 2020. The Nankoma Project is located in the area lying 130km east of Kampala.
  • Kopore, an ASX-listed mining company active in Botswana and Western Australia has agreed to dispose of a 75% stake in its Virgo Project in Botswana to ARC Minerals, listed on AIM. In terms of the deal, Kopore will receive £1,2 million payable in ARC shares for the sale. ARC will have the option to acquire the remaining 25% for an additional US$5 million. Kopore will retain 3,592km² of contiguous highly prospective exploration licences in the Kalahari Copper Belt.
  • Vivo Energy Rwanda has acquired the assets of local petroleum firms Energy Solution and GEMECA Petroleum in an effort to increase its retail network. The acquisition builds on its strategy to invest and grow the business - increasing the number of Engen-branded services station in Rwanda by 60% and at the same time lifting the company's market share by 3%.
  • Tugende, a Ugandan fintech company utilising asset finance, technology and a high-touch customer support model to assist SMMEs in owning income-generating assets, has secured US$3,6 million in an equity financing round. The round was led by Partech with participation from Enza Capital and other regional angel investors. Funding will be used to scale the business.
  • Curacel, a Lagos-based insurtech startup has raised US$450,000 in a pre-seed funding round led by Atlantica Ventures and Consonance with participation from Kepple Ventures and other angel investors. The AI-powered platform for claims processing and fraud management will use the new investment to accelerate its expansion across Africa.
  • Weelo an Egypt-based B2B software as a service starup has raised a six-figure seed funding round led by SkaleUp Ventures and Integral Capital with contributions by global investors from Hong Kong and Italy and other angel investors such as AUC Angels. Weelo offers subscription-based tech solutions for MSMEs managing the sales cycle from warehouse to cash collection through AI-powered analytics and real-time management system in Egypt and the MENA region. Funds will be used to further expand operations.
  • Seplat Petroleum Development Company, a Nigerian energy company listed on the Nigerian and London Stock Exchanges, has issued US$650 million in aggregate principal amount of 7.75% senior notes due 2026. The proceeds will be used to repay debt, general corporate purposes and to pay transaction fees and expenses. The size of the issue is the largest in the Nigerian oil and gas bond issuance in the capital market.

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

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