DealMakers AFRICA
Italian oil and gas major ENI has signed an agreement with Perenco, a French hydrocarbon producer, to dispose of its participation interests in several permits in the Congo. The US$300 million transaction aligns with ENI’s strategy to diversify its business portfolio and prioritise low-carbon energy resources.
Appian Capital Advisory, the investment advisor to private funds investing in mining and mining-related companies, has acquired an 89.96% interest in Rosh Pinah Zinc mine located in southern Namibia. The stake was acquired from Canadian Trevali Mining. Financial details were undisclosed. The remaining shareholding is owned by Namibian Broad-Based Empowerment groupings and an Employee Empowerment Participation Scheme.
UK-based Galileo Resources has exercised its option to enter a joint venture and be issued with a 51% interest over the Shinganda Copper-Gold Project in Zambia, after incurring direct exploration expenditure costs of US$500,000. The stake in the joint venture was earned from its partner UK mining company, Garbo Resource Solutions.
Huaxin Cement, a Chinese, Hong Kong-listed company, is to acquire the Africa-based business of InterCement in a deal which includes the assets in Mozambique and South Africa. The transaction value is estimated at US$231,6 million based on an enterprise value of $265 million.
Taifa Gas, a Tanzanian liquefied petroleum gas (LPG) company is to join forces with Zambian Delta Marimba to establish Zambia’s first LPG plant. Taifa will invest US$100 million in power generation in Zambia.
Accelerator startup Saudi-based VMS has acquired a minority stake in Cash Cows, its Egyptian counterpart as part of a strategic partnership agreement aimed at bridging the gap between the Saudi and Egyptian start up sectors and entrepreneurial ecosystem. The partnership includes the launch of a joint platform for exchanging ideas, collaboration and mutual learning. Financial details were undisclosed.
French multinational hospitality company Accor has reached an agreement with Mutris, a Moroccan investment company, to sell its 33% stake in Risma, Morocco’s publicly listed hotel operator, at a price of 130 dirhams per share. The company will, in addition, sell its Risma bonds on the market. The transaction will have no impact on current contractual agreements between Accor and Risma which remain unaffected.
ShopZetu, a Kenyan fashion e-commerce startup, has raised US$1 million in pre-seed funding to drive its expansion beyond Kenya and include more product categories on its platform. The round was led by Chui Ventures with participation from Launch Africa, Roselake Ventures and Logos Ventures.
Accra- and London-based health startup Berry Health has raised an undisclosed sum in a pre-seed round from Lightspeed and angel investors.
OH Ecosystems, a Nigerian coco processing company, has received US$12 million in investment from Norfund, the Norwegian Investment Fund for developing countries. The funds have been earmarked to revive FTN Cocoa Processors, a processing company in which OH Ecosystems has a majority stake.
Kubik, an environmental technology company with operations in Kenya and Ethiopia has raised US$3,34 million in a seed investment round from investors which included Plug and Play, Bestseller Foundation, GIIG Africa and Satgana among others. The startup turns hard-to-recycle plastic waste into affordable building materials and intends to use the investment to scale production at its operations in Ethiopia.
The Namibian Business Angel Network has made an undisclosed investment in Moonsnacks, a Namibian youth-owned snack food company. The investment will be used to expand its production capacity to meet increased demand for its flagship product.
DealMakers AFRICA is the Continent’s M&A publication.
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