DealMakers AFRICA
First Ally Capital has acquired a 60% stake in Mines.io Nigeria, operating under the brand name Migo. The Nigerian fintech focuses on delivering digital credit solutions using AI and machine learning. Financial terms of the deal were not disclosed.
ASX-listed Dalaroo Metals has signed a joint venture agreement with Reflex Exploration to acquire up to an 80% stake in the Bongouanou Gold Project in the Sefwi-Comé Birimian Greenstone Belts in Côte d’Ivoire.
Canadian solar energy company, Solar Panda, has acquired VITALITE Zambia for an undisclosed sum. The acquisition expands Solar Panda’s operational footprint into Southern Africa. VITALITE was the first company to introduce PAYGO solar home systems in Zambia.
uMunthu Investment Company II (managed by Goodwell Investments) has acquired a 26% stake in Nigeria’s Hinckley Ewaste Recycling. No financial terms were disclosed.
Wafa Assurance has submitted and mandatory tender offer to acquire up to 100% of Delta Insurance at EGP40 per share. The transaction is valued at a total of EGP5 billion and requires a minimum acceptance of 51%. Wafa and Axa Egypt made a non-binding offer to acquire Delta in December 2024, but Axa pulled out of the offer in May, which triggered a six-month mandatory cooling-off period. Should the transaction be successful, Wafa plans to delist Delta from the EGX.
Africa-focused private investment firm, Silverbacks holdings, has partially exited its stake in OmniRetail and secured a 5x return on its initial investment. The exit follows OmniRetail’s recent US$20 million Series A funding round led by Norfund and Timon Capital.
The International Finance Corporation is currently considering a US$10 million equity investment in Senegal’s AI healthcare startup, Kera Health Platforms. The investment is currently pending approval.
Kendrick Resources has entered into a 60-day option and joint venture agreement with Cooperlemon Consultancy for the exploration and, if appropriate, the development of the Blue Fox Licence, 34412-HQ-LEL located in Northwest Zambia.
DealMakers AFRICA is the continent’s quarterly M&A publication
www.dealmakersafrica.com
