DealMakers AFRICA
Amethis has acquired a majority stake in Côte d’Ivoire power security solutions group, ADEMAT from SPE Capital for an undisclosed sum. ADEMAT covers the entire value chain of power security solutions – from power generation, stabilisation and transformation, to procurement, installation, maintenance, technical assistance, consulting, training and rentals. SPE Capital invested back in April 2021.
Pan-African financial services group, Vista Group Holding, announced the acquisition of a 90% stake in the capital of Banque Agricole et Commerciale (BAC) in Chad. The bank is now integrated into the Group’s banking network and operates under the name Vista Bank Chad. Financial terms were not disclosed.
Bank of Kigali Plc has led a group of financial institutions including Development Bank of Rwanda (BRD), BPR Bank Rwanda, I&M Bank Rwanda, Ecobank Rwanda, and Access Bank Rwanda in a major telecom infrastructure financing agreement under Project Zorro, supporting the acquisition of 1,467 telecom tower sites now operated by Ishara Towers Rwanda, formerly IHS Rwanda. The deal represents one of the largest syndicated financing transactions of its kind in Rwanda and is expected to strengthen critical telecommunications infrastructure supporting mobile connectivity, internet access, and digital services nationwide.
Azule Energy has signed a Sale and Purchase Agreement with Etu Energias Block 14 B.V. for the sale of a 20% working interest in offshore Block 14 and a 10% working interest in Block 14K located in the Lower Congo Basin offshore Angola. The transaction is valued at up to US$310 million and includes deferred contingent payments of up to $115 million. In December 2025, Azule Energy signed an SPA with a consortium of Etablissements Maurel & Prom S.A. and BW Energy for the sale of the Interests following which Etu Energias exercised its pre-emption rights in relation to the interests. With the signing of the SPA with Etu Energias, the SPA with M&P and BWE dated 11 December 2025 is terminated. Chariot has part financed the Etu acquisition through providing deposit funds of $12 million and additional financing related transaction costs and in doing so has secured exposure to the economics associated with material oil production following completion of the acquisition. Shell Western Supply and Trading has provided an acquisition financing package in return for future offtake barrels. These facilities will be used to finance the final consideration payable on completion, which will be reduced by interim period adjustments. This funding combination ensures that the acquisition is fully financed and the Chariot funds will be repayable from future cashflows from the asset, after servicing the Shell facilities.
Oikocredit and the Global Climate Partnership Fund (GCPF) have provided a US$10 million debt facility to Sawa Energy, a developer and operator of commercial and industrial (C&I) solar and battery systems in East Africa. The facility will enable Sawa Energy to scale the rollout of distributed solar and battery systems for C&I clients, supporting businesses seeking reliable and cost-effective alternatives to grid electricity and diesel generation. The facility is expected to support the deployment of 35MW of solar capacity across 250 projects for C&I businesses in East Africa over the next 36 months.
GoSwap, a Morocco-based electric mobility startup, has secured seed funding from Azur Innovation Fund to scale its battery-swapping infrastructure across urban centres. With the new funding, GoSwap plans to expand its infrastructure within Casablanca and into new cities such as Marrakech, enhance compatibility across multiple electric vehicle models, and strengthen fleet management capabilities for logistics and last-mile delivery companies. The size of the funding was not disclosed.
DealMakers AFRICA is the continent’s quarterly M&A publication
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