DealMakers AFRICA

Equinor has signed an agreement with Harmattan Energy Limited, a Chevron subsidiary in Namibia, to acquire a 17.4% participating interest in Petroleum Exploration Licence 90 (PEL 90) in the Orange Basin offshore Namibia. The licence relates to Block 2813B, which is operated by Chevron. Prior to the transaction, Chevron’s subsidiary owned an interest of 52.5% in PEL 90, with the other partners in the licence being QatarEnergy (27.5%), Trago Energy (10%) and the state-owned oil company NAMCOR (10%). Financial terms were not disclosed.

A.P. Moller Capital announced that A.P. Moller Capital – Emerging Markets Infrastructure Fund II and APM Capital Morocco Fund have signed an agreement to acquire a majority stake in Globex Investissement (Globex), a Moroccan logistics company. Financial terms were not disclosed.

Panoro Energy has entered into a definitive agreement with DNO ASA to acquire the entire share capital of DNO’s wholly owned subsidiary DNO CI LLC which holds an indirect 9.09% interest in the high-quality gas producing Block CI-27 offshore Côte d’Ivoire, for US$80 million. Block CI-27 contains Côte d’Ivoire’s largest reserves of non-associated gas which is produced, together with condensate and oil, at a low unit cost of just $6/boe from four offshore fields (Foxtrot, Mahi, Manta and Marlin) tied back to two fixed platforms.

In Egypt, Exits MENA, an investment platform and advisory firm focusing on startups and SMEs, announced the signing of a multi-seven-figure transaction in partnership with ACE’s existing local management to acquire Avanz Capital Egypt (ACE), a private equity and asset management firm. Financial terms were not disclosed. ACE will be rebranded to Exits Manara as the private capital and asset management subsidiary of Exits MENA.

Terra Industries, the defense technology company that builds autonomous security systems to protect critical infrastructure across the Global South, has raised an additional US$18 million. The strategic funding closes its seed round at $52 million. Existing investors 8VC, Silent Ventures, Nova Global, Belief Capital, and SV Angel participated, alongside new investor Norleo Space Investments and angel investor Grant Gordon. Terra will use the funding to open its first international office in London, expand manufacturing capacity, accelerate deployments across the Global South, and grow its engineering, operations, and business development teams. Terra’s main operating base and flagship manufacturing facility (Pax-1) is located in Abuja, Nigeria, with an expanding major production hub (Pax-2) in Accra, Ghana.

Genser Energy Investments, an integrated energy company in West Africa, has announced the successful completion of a €456 million term and revolving credit facilities package arranged by RMB, Absa CIB and Standard Bank. The funds provide working capital to support the completion of ongoing EPC projects, strengthen the Company’s balance sheet, and provide additional financial flexibility to support its strategic priorities and continued growth.

Tusker Minerals has entered into a binding Share Sale Agreement with AuKing Mining under which AuKing will acquire 100% of the issued shares in Green Exploration Limited (GEL), a wholly owned subsidiary of Tusker’s Australian subsidiary Green Exploration (Australia). GEL is the registered holder of a portfolio of Malawian exclusive prospecting licences. Upon Completion, AuKing will acquire control of GEL and therefore the Machinga REE Project together with the Ngala Hill, Salambidwe and Karonga projects. The Agreement replaces and terminates the earlier exclusivity and proposed offer arrangement between the parties relating solely to the Machinga Project. In consideration for 100% of the issued shares in GEL, AuKing will pay A$800,000 in cash payable at Completion; Fully paid ordinary shares in AuKing with an aggregate value of $1,000,000 (issued at the same price as AuKing’s recent capital raising of $0.025 per share; $50,000 cash payable within 90 days after Completion; $1,250,000 cash payable on the date that is 12 months after Completion; plus two performance considerations valued at $1,750,000.

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