DealMakers AFRICA
Wintershall Dea, a European independent natural gas and oil company, is to acquire an additional 11.25% participation interest in the Reggane Nord natural gas project in Algeria. The stake is to be acquired from Edison International for an undisclosed sum. The acquisition will increase Wintershall Dea’s stake to 30.75%. Other members of the consortium are Sonatrach (40%) and Repsol (29.25%).
Coromandel International headquartered in Hyderabad, India, is set to acquire a 45% equity stake in Baobab Mining and Chemicals, a rock phosphate mining company based in Senegal. Coromandel will pay US$19,6 million for the stake in Baobab plus a loan of US$9,7 million. The investment will strengthen Coromandel’s backward integration and will ensure long term supply security of the raw material.
The International Finance Corporation (IFC) has acquired a 6.71% stake in Equity Group, a financial services holding company headquartered in Nairobi. The IFC will inject US$164 million towards Equity’s programme which aims to finance c.5 million MSMEs and c.25 million households.
Private equity firm SPE Capital has, as part of a consortium with Amethis and the European Bank for Reconstruction and Development, acquired Global Corp for Financial Services S.A.E, an Egyptian non-banking financial services company. Financial details were undisclosed.
Badili, a Kenyan online smartphone buy-back platform, has raised US$850,000 in a pre-seed funding round. Badili acquires old mobile phones, refurbishes them and on sells them to consumers looking for a cheaper alternative. The funds raised will be used to acquire inventory, tech enhancement and establish an offline presence through brick-and-mortar stores across Kenya.
Nigerian identity verification startup Identitypass, has raised US$2,8 million in seed funding in a round led by MaC Venture Capital. The funds will be used to roll out new verticals around compliance, security and data collection with the aim of expanding into other African countries.
Mylerz, an Egyptian-based last-mile delivery startup, has closed a US$9,6 million round led by private equity firm Lorax Capital Partners. The funds will be used to scale the startup’s presence in North Africa and support the construction, by year-end, of a new AI-enabled, automated cross-docking fulfilment centre in Cairo.
Interswitch, an African-focused integrated digital payments and commerce company facilitating the electronic circulation of money between individuals and organisations, has secured a US$110 million joint investment from LeapFrog Investments and Tana Africa Capital. The investment will be used to drive Interswitch’s pan-African strategy which will include growing the customer base and building new products to support a financial inclusion strategy.
Kaltani, a Nigerian clan-tech plastic waste recycling company, has raised US$4 million in seed funding to be used to scale the business by increasing the number of collection and aggregation centres across Nigeria.
Nigerian fintech startup Kwaba, has secured an undisclosed sum in a pre-seed round of funding led by Co-Creation Hub. Kwaba assists low- and middle-income earners manage monthly rent payments, bridging the gap between property and finance. The funds will be used to increase its footprint across the continent.
Paymob, an Egyptian fintech, has raised US$50 million in Series B funding in a round led by PayPal Ventures, Kora Capital and Clay Point. Paymob enables merchants to accept digital payments online and in-store. Funds will be used to scale the business in Egypt and across the MENA region.
DealMakers AFRICA is the Continent’s M&A publication
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