DealMakers AFRICA

Inspired Evolution, the specialist pan-African investment firm focused on clean energy infrastructure, energy, and resource efficiency growth investments, announced a US$40 million investment in CrossBoundary Energy, a developer, owner, and operator of distributed renewable energy solutions for commercial and industrial (C&I) clients across sub-Saharan Africa. The investment was made through Inspired Evolution’s next-generation energy transition fund, Evolution III, and will support the development, construction, and expansion of CrossBoundary Energy’s portfolio of renewable energy assets, including solar PV, battery energy storage systems (BESS), and hybrid energy solutions.

Awash Bank S.C. officially listed on the Ethiopian Securities Exchange’s (ESX) main market on 23 April 2026. Ethiopia’s largest private commercial bank listed 37,896,928 shares out of its 54,06 million share registered with the Ethiopian Capital Market Authority. This marks the fourth listing on the East African exchange.

Egyptian edtech iSchool acquired software engineering firm Rubikal, for an undisclosed sum, to accelerate the development of AI-powered education systems. iSchool offers live gamified classes led by coding instructors. Rubikal, develops real-time, scalable, fault-tolerant web applications.

On Wednesday 22 April 2026, ZEN Petroleum Holdings PLC, listed on the Ghana Stock Exchange following an oversubscribed IPO that closed on 31 March. The company raised GHS640 million from the offer, representing 20% of its issued share capital, with bids valued at GHS 970,244,645, representing an oversubscription of 94%. 128 million shares were issued at GHS5.00 each.

The United Nations Capital Development Fund (UNCDF) and Bayer Foundation have announced the first investments under the Food Systems Innovation Finance Facility (FSIFF). The facility’s inaugural investments include a US$500,000 local currency loan to Omia Agribusiness Development Group in Uganda and a $500,000 local currency loan to SokoFresh in Kenya. Omia is a locally rooted agri-business providing agricultural inputs, extension services, and market access to smallholder farmers in Northern Uganda. The loan will support Omia’s expansion of farmer services and market linkages. Omia currently serves more than 90,000 smallholder farmers, and the investment is expected to reach over 75,000 additional farmers, including 30,000 women and 20,000 refugees. SokoFresh, a Kenyan enterprise addressing post-harvest losses and limited market access for smallholder farmers through solar-powered cold storage solutions and market linkages across fresh produce and cereal value chains, will use the loan to bring cold storage and reliable market access to more than 5,000 smallholder farmers annually, contributing to a projected 10% increase in farmer incomes while significantly reducing post-harvest losses across fresh produce value chains.

Morocco’s Competition Council has approved Cap Holding’s purchase of a 68% stake in Forafric Maroc SA. Talks for the deal started in early March and Cap now moves to close the transaction after the regulator cleared the acquisition. Financial terms have not been disclosed.

Sinai.ai announced the close of a US$1,45 million pre-seed funding round, led by KAUST Innovation Ventures and DisrupTech Ventures, with participation from Maza Ventures and YOUXEL Ventures, along with a selection of angel investors. The capital will fund proprietary tech, AI infrastructure, user acquisition, and licensing. The Egypt-based startup is building an AI-native book platform that transforms traditional content into interactive experiences.

DP World announced a follow-on investment in the Tulsi Chanrai Foundation (TCF), providing an additional US$500,000 to support the extension of the TCF Eye Hospital in Abuja, Nigeria, bringing its total cumulative investment in the project to $1,5 million. This funding will support TCF in effectively doubling the hospital’s capacity from 82 to 160 beds. Looking ahead, the project also plans to create a specialised training institute to bolster the local ophthalmic and paramedical workforce.

Jambaar Capital has announced an undisclosed investment in Nigerian climate-tech, TrashCoin. The digital Waste Management platform combines sustainability and eco-fintech to recover recyclable waste from communities. The platform provides an opportunity for individuals to deposit recyclable waste directly into their digital wallets and receive credit that can be withdrawn as cash or used to purchase essential services like electricity, health insurance, education fees, and mobile data.

Salt Capital and French Development finance institution, Proparco have acquired The Namibian Oncology Centre, a specialist cancer care provider in Namibia. Financial terms were not disclosed.

Hassan Allam has agreed to acquire MetiPro, the engineering, procurement, and construction arm of Metito group, for an undisclosed sum. The acquisition builds on a longstanding partnership between Hassan Allam and Metito, where both groups have jointly delivered national projects including Al Mahsamma, New Delta, and the ongoing West Alexandria and Abu Oweikal projects.

Odu’a Investment Company has entered into a strategic partnership with Elektron Energy Development Strategies to develop a 50-megawatt gas-fired Independent Power Plant (IPP) at the former Cocoa Industries Complex within the Ogba Industrial Estate in Ikeja, Lagos. The IPP will deliver dedicated, reliable electricity directly to industrial and commercial users within the Ogba cluster, reducing exposure to grid instability and eliminating the need for inefficient self-generation.

Cairo-based venture capital firm A15 has announced its ninth exit, with the acquisition of its portfolio company Viral Wave by PopArabia, a regional partner of NASDAQ-listed Reservoir. Under the terms of the acquisition, Viral Wave will serve as PopArabia’s dedicated distribution and label services division. Viral Wave’s Egypt-based team will be integrated into PopArabia’s regional operations, combining complementary capabilities across distribution, digital monetisation, and artist services across MENA. Financial terms of the deal were not disclosed.

DealMakers AFRICA is the continent’s quarterly M&A publication
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