DealMakers AFRICA

Globeleq has reached agreement with Norfund to acquire its 51% equity stake in Zambian company, Lunsemfwa Hydro Power Company which operates two hydroelectric power plants and is constructing a 20MW solar PV project. The remaining 49% is held by Wanda Gorge Investments. Financial terms of the deal were not disclosed. The deal represents Globeleq’s first investment in hydropower in Africa.

BetaLab, the innovation and incubation hub of Britam Holdings, has invested Ksh5 million in Kenyan fintech Oye. The investment aims to boost access to insurance and ease fuel costs for the country’s two million boda boda drivers.

In Morocco, H&S Invest Retail has announced a strategic merger with the Mr Bricolage Maroc Group. The deal is structured as the acquisition by H&S of a 47.5% stake from the Benjelloun Family, 37.5% from O Capital Group and the acquisition by Majid Benjelloun, its Managing Director, of an additional 5% stake to increase his final stake to 15%. Financial terms were not disclosed.

Etablissement Maurel & Prom S.A and Afentra plc have agreed to jointly acquire Etu Energias S.A.’s 10 interest in Block 3/05 and 13.33 interest in Block 3/05A located offshore in the Lower Congo Basin of Angola. Each party will pay an initial US$23 million for their 50% share plus and contingent consideration of up to $11 million.

PZ Cussons has sold its 50% stake in PZ Wilmar to Wilmar International for US$70 million. PZ Wilmar, a sustainable palm oil business in Nigeria, was formed as a joint venture in 2010 by PZ Cussons plc (UK) and Wilmar.

Nambia’s O&L Leisure has acquired two new hospitality properties – Le Mirage in the Sossusvlei area and Divava on the Kavango River. Financial terms of the deal were not disclosed, and the deal is still awaiting Namibian Competition Commission approval.

Fintech-focused investment firm, DisrupTech Ventures has made its first investment outside of Egypt – backing Nigerian startup, Winich Farms. The agtech focuses on improving marker access and financial inclusion for smallholder farmers in Nigeria. The funding is part of a Pre-Series A round.

British International Investment, the African Development Bank and the European Bank for Reconstruction and Development have announced that they are providing a total of US$ 479.1 million to Obelisk Solar Power SAE, a special-purpose vehicle incorporated in Egypt and owned by Scatec ASA. The blended financing will support the development of a 1.1 GW solar photovoltaic power plant integrated with a 200 MWh battery energy storage system in the country’s Nagaa Hammadi region.

Nigerian fintech, Hizo has raised US$100,000 in seed funding through a friends and family round that closed on 4 June. The investment was led by a prominent local investor.

The International Finance Corporation has announced a US$72 million debt package to Abydos Solar Project Company, a subsidiary of AMEA Power. The funding will be used to support Egypt’s first utility-scale battery energy storage system (BESS) through the integration of the 300MWh BESS into a newly commissioned 500MW solar photovoltaic power plant in Kom Ombo, Aswan Governorate which become operational in 2022.

Egyptian fintech, Octane has raised US$5,2 million in a funding round led by Shorooq Partners, Algebra Ventures and Elsewedy Capital. Octane, founded in 2022, provides a digital platform for fleet and on-road expense management.

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