DealMakers AFRICA
Global insurtech, bolttech Group, has announced that it has acquired mTek, a digital insurance platform based in Kenya. Founded in 2019, mTek has developed a best-in-class digital platform that enables customers in Kenya to compare, purchase, and manage insurance seamlessly. Financial terms of the deal were not disclosed.
Hamak Strategy, announced that it has entered into a Binding Term Sheet with UK registered private company, CAA Mining, which holds a purchase option with a private Ghanian company, Topago Mining, to acquire the highly prospective Akoko gold licence in Ghana. Hamak will pay CAA £20,000 for a 120-day exclusivity period to conclude technical and legal due diligence on Akoko. Subject to a successful outcome of the due diligence, Hamak will commit to spend a minimum of £500,000 on further exploration and confirmatory work at Akoko during 2026. Subject to satisfactory confirmatory work, Hamak will have the right to exercise its option any time prior to 14 December 2026 to purchase the Akoko licence via the CAA option with Topago through a payment of £50,000 cash to CAA, the issue of £1 million of new Hamak shares to CAA and the payment of US$1.9 million to Topago.
Rology, an Egyptian FDA 510(k) cleared AI-assisted teleradiology platform in the Middle East and Africa, has announced the successful closing of its growth funding round. The round includes participation from the Philips Foundation, Johnson & Johnson Impact Ventures, Sanofi Global Health Unit’s Impact Fund, and MIT Solve Innovation Future. Rology’s platform enables zero-setup cost, AI-accelerated diagnostic reporting across 12 radiology sub-specialties and 8 modalities, delivering reports in as little as 30 minutes. The undisclosed funding round follows on the company’s expansion in Saudi Arabia and steady growth in Kenya and other markets.
TSX-listed Montage Gold has announced that it will extend its Wet African footprint through the acquisition of all of the issued share capital of African Gold that it does not already own, by way of an Australian court-approved Scheme of Arrangement. African Gold holds the high-quality resource-stage Didievi project in Côte d’Ivoire. Montage is the current operator of the project and holds a 17.13% stake in African Gold. The deal is valued at approximately US$170 million.
Vodacom has announced that it has agreed to acquire an effective interest in 20% of the issued share capital of Safaricom Plc, for an aggregate consideration of US$2,1 billion, equivalent to KES34 per Safaricom share. The Acquisition is comprised of the following: Vodacom has agreed to acquire 12.5% of the issued shares in Vodafone Kenya (an effective 5% stake in Safaricom) from Vodafone International Holdings B.V for consideration of US$0,5 billion, resulting in Vodacom owning 100% of Vodafone Kenya. Vodacom, via Vodafone Kenya, has agreed to acquire 15% of the issued share capital of Safaricom from the Government of Kenya for a consideration of US$1,6 billion; and Vodafone Kenya has agreed to buy the right to receive future Safaricom dividends amounting to KES 55.7 billion, that would have accrued to the Government of Kenya on its remaining shares in Safaricom for an upfront payment of KES 40,2 billion.
On November 27, Tanga Cement listed the 127m new ordinary shares issued in the TZS204 billion Rights Issue that closed in October. This is the largest right issue to date in Tanzania and was 100% subscribed. The issue was priced at TZS1,600 per share at a ratio of two new shares for every 1 existing share held.
DEG has announced a long-term loan totalling €16.5 million to German horticultural company Selecta One, to fund the acquisition of Wagagai, a cutting farm in Uganda. Some of the funds will go to modernisation work at the farm. The acquisition enables the Wagagai farm, which employs over 2,000 people, to continue operating. Social initiatives will also be maintained. The initiatives include an on-site health centre, and educational and community work programmes. The Wagagai Health Centre was established in 2002, also funded by DEG.
In October, ASX-listed Predictive Discovery, a company focused on discovering and developing gold deposits within the Siguiri Basin, Guinea, and TSX and ASX-listed Robex Resources, which has assets in Mali and Guinea, announced a merger of equals whereby Predictive would acquire all the shares of Robex via a plan of arrangement whereby Robex shareholders would receive 8.667 Predictive shares for each Robex share held. The combined entity would be held 51% and 49% respectively by Predictive and Rebox shareholders. The merged entity would remain listed on the ASX and apply for a listing on the TSX. This week, Predictive announced that it had received a binding offer from Perseus Mining (also listed on the ASX and with gold mining assets in Ghana and Côte d’Ivoire) to acquire all of the issued shares in Predictive that it does not already own via an Australian scheme of arrangement. Perseus currently holds 17.8% of the Predictive ordinary shares outstanding. The binding offer of 0.1360 new Perseus shares for every 1 Predictive share, has been determined by the Predictive board to be a superior offer and have notified Robex of the offer and they have 5 working days to match or increase the offer. The Robex Matching Period expires on 10 December 2025.
The African Development Bank Group have approved up to XOF15 billion (€ 22,9 million) to support Phase II of Côte d’Ivoire’s Programme Électricité Pour Tous (PEPT). The financing includes up to €16 million from the Bank and up to €6,9 million from the Sustainable Energy Fund for Africa (SEFA). The transaction marks the first African Development Bank subscription to a local currency social bond in the West African Economic and Monetary Union (WAEMU) region. The project will finance 400,000 new electricity connections over 2025-2026, benefiting 2,2 million people, of which 35 percent live in rural communities.
DealMakers AFRICA is the continent’s quarterly M&A publication
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