DealMakers AFRICA
Nigeria’s sovereign wealth fund, The Nigerian Sovereign Investment Authority and Vitol have completed their carbon removal and abatement project JV, CarbonVista. The deal was first announced in July 2022.
Amethis and the Diot-Siaci Group have acquired an undisclosed stake in Moroccan insurance brokerage group ASK Gras Savoye. Financial terms were not disclosed. Apart from Morocco, the group has a direct presence in 11 countries in West and Central Africa.
Tech-enabled, scheduled mass transit company Shuttlers as announced a US$4 million Series A raise led by Verod-Kepple Africa Ventures. Existing investors VestedWorld, SheEquity, CMC21 & Also and Echo VC also participated in the equity round.
Uganda’s Pearl Dairy is awaiting a decision from the IFC on a US$35 million senior loan package. The company is looking to expand its capacity in Kenya and Uganda, which includes the acquisition of a packing plant in Kenya ($21 million) and the refinancing of an existing Standard Chartered Bank loan ($14 million).
Development Partners International and Amethis have co-invested in Egyptian pharmaceutical manufacturer, Marcyrl Pharmaceutical Industries. Financial terms were not disclosed.
The battle for Egypt’s Paints and Chemical Industries Company (Pachin) is still ongoing. With two offers already on the table from Eagle Chemicals and National Paints, Compass Capital is said to be preparing its bid. The company submitted a non-binding offer to acquire between 51% and 90% of Pachin in January. Two other contenders have already pulled out of the race – Universal Building Materials and Chemicals (Sipes) and Saybad Industrial Investment, who withdrew their offers after the board rejected them as undervaluing the firm.
DealMakers AFRICA is the Continent’s M&A publication.
www.dealmakersafrica.com
