DealMakers AFRICA

The Namibian Government has exercised its right to take up a 24% equity interest in the US$10 billion Green Hyphen Project. The investment will be held through SDG Namibia One, a bespoke blended finance infrastructure fund which will look to raise money from local institutional investors to develop Namibian green hydrogen projects and related infrastructure.

Acacia Angels, an Egypt-based investment group, has participated in a US$750,000 seed investment round in UK-based micro-sensor startup, Precision Cardiovascular. External Medtech angels and company directors also participated in the round.

Equity Group is to acquire a 91.93% stake in Rwandan bank Compagnie Générale de Banque for US$48,1 million. The bank is the fifth largest in Rwanda which will be combined with Equity’s existing Rwandan operations making it the second largest bank in the country.

Bahrain’s Al Salam Bank has acquired a further stake in Al Salam Bank Algeria increasing its equity stake from 37.43% to a majority shareholding of 53.13%.

TFK, an Egyptian curated fashion marketplace, has acquired OPIO, a direct-to-consumer fashion brand in a strategic move backing its plans to expand its all-in-one fashion aggregator and venture builder, The Fashion Kingdom. Financial details were undisclosed.

Actis, the UK-headquartered global investment firm focused on the private equity, energy, infrastructure, and real estate asset classes has agreed to sell BTE Renewables to Engie and Meridiam for a total enterprise value of US$1 billion. BTE Renewables is a local renewable energy company, with an operating portfolio of nearly 500 MW of wind and solar PV projects in South Africa and Kenya. In terms of the deal, Engie will acquire the SA portfolio and team while Meridiam will acquire the Kenyan portfolio and team.

M-KOPA, a fintech platform providing digital financial services to underbanked consumers, has received a US$10 million investment from the AfricaGoGreen Fund. The fund, managed by Cygnum Capital Asset Management, has invested $8 million in M-KOPA Kenya and $2 million in M-KOPA Uganda. The funds will be used to increase the number of customers it serves throughout sub-Saharan Africa and advance environmentally friendly technologies with the potential to lower energy costs for both homes and businesses.

Agel, an Egyptian fintech startup, has raised a seven-figure investment in a pre-seed round from Plus Venture Capital, Seedstars International Ventures, Flat6labs with participation from SEEDRA Ventures among others. The startup which offers Sharia-compliant lending services for small and medium sized enterprises, intends to use the funds to enhance its product and accelerate its expansion across Egypt.

Kenyan used car marketplace Peach Cars, has raised US$5 million in a seed round led by The University of Tokyo Edge Capital Partners and angel investors, marking one of Africa’s largest seed rounds in the mobility sector. Founded to bring transparency and a better experience to Kenya’s car ownership and maintenance process, the investment will be used to scale operations in sub-Saharan Africa and enhance the startups research and development efforts and further develop its technological solutions.

OmniRetail, a Nigerian tech-first B2B e-commerce company providing end-to-end retail operations solutions for manufacturers, distributors, logistic partners and retailers in Africa, has received an undisclosed investment from Aruwa Capital Management.

Clothing retailer, Truworths (Zimbabwe), is proposing to raise c. ZWL$2,2 billion in a renounceable rights offer of 384,1 million shares. The company says the capital raise is necessary to sustain the viability of the business.

DealMakers AFRICA is the Continent’s M&A publication.
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