DealMakers AFRICA
Access Bank Plc and Standard Chartered Bank have reached agreement on the sale of Standard Chartered’s shareholding in its subsidiaries in Angola, Cameroon, The Gambia, Sierra Leone and its Consumer, Private & Business Banking divisions in Tanzania. Financial terms were not disclosed.
Vantage Capital has acquired a controlling stake in Aquasantec International. The US$25 million investment of mezzanine debt and equity is part of a leveraged management buy-out which saw the exit of the founding Shah family, Ramco Group and Terra Mauricia. Aquasantec manufactures and distributes water tanks, pipes and related products across East Africa.
UGFS North Africa has invested an undisclosed sum in Tunisia’s Kaco. The mobility startup was founded in 2018 and the new fundraising round will provide the financial support the company needs to complete the construction of a new production facility with the capacity to manufacture a thousand scooters a year.
Egyptian fintech Flash has announced a US$6 million seed round led by Addition. The round also included Flourish Ventures and some angel investors. The funding will accelerate the fintech’s product development and customer and business acquisition in Egypt.
Sahel Capital has extended a three-year term loan and renewable working capital line to Tanzania’s Rogathe Dairy Farm Products. The investment was made from its impact fund – Social Enterprise Fund for Agriculture in Africa.
Scatec ASA has agreed to sell its 52.5% equity stake in the 40MW Mocuba solar power plant in Mozambique, to Globeleq for US$8,5 million. The Mocuba solar power plant is located in the Zambézia province; has an approximate 75GWh annual production and a 25-year PPA with state-owned utility, EDM.
Ventures Platform, Founders Factory and Techstars (follow-on investor) have made a pre-seed investment of US$1,25 million in Nigerian insurtech, MyCover.ai.
DealMakers AFRICA is the Continent’s M&A publication.
www.dealmakersafrica.com
