DealMakers AFRICA

Siseko Minerals, 51.7% held by London-listed Botswana Diamonds plc, has acquired a further 21% stake in the prospective Maibwe joint venture in Botswana, increasing its shareholding in the joint venture to 50%. In addition to the consideration payable of £27,215, Maibwe has agreed to pay a royalty to the liquidators of BCL Botswana of 2% from any future commercial development. Botswana Diamonds will fund its share of c. £13,600.

Multinational beverage alcohol company Diageo plc, headquartered in London, is to sell Guinness Cameroon S.A. to French beverage company Castel Group. In the £389 million deal, Castel will take over the production and distribution of Guinness in Cameroon under a licence and royalty agreement.

Agthia, the food and beverage company based in Abu Dhabi, is to acquire a 60% stake in Egyptian healthy snack and coffee manufacturer and retailer Auf Group. The deal is in line with Agthia’s strategy to focus on strengthening its portfolio and diversification into branded consumer goods.

Mainstream Renewable Power together with investment company Actis, are to dispose of Lekela Power (40%:60%), Africa’s largest pure-play renewable energy independent power producer seven years after they made the initially investment.  Infinity Group and Africa Finance Corporation will acquire the IPP in a deal said to be valued at c.US$1,5 billion.Lekela Power operates five wind assets in South Africa and one each in Egypt and Senegal.

Afentra plc via its Angolan subsidiary is to acquire a 4% interest in Block 3/05 and a 5.33% interest in Block 3/05A, offshore Angola. The deal follows the acquisition earlier this year of a 20% stake in Bloc 3/05 from Sonangol. The assets acquired from INA will be funded through the same debt and existing available funds as those being utilised for the Sonangol transaction.

Magma, an Egypt-based manufacturer of sportswear, has been acquired by Averroes Ventures, led by Magma’s chairman. Financial details were undisclosed.

In a cautionary announcement Pachin, the chemical industries company headquartered in Cairo, advised shareholders it had received a non-binding offer to acquire at least 51% of the company. 

Sudanese fintech startup Bloom has raised US$6,5 million in a seed round from investors who include Visa, Global Founders Capital, Goodwater Capital and VentureSouq amongst others. Bloom provides fee-free accounts for consumers to save in dollars and buy and spend in Sudanese pounds. The funds will be used to expand across the region into Ethiopia, Kenya, Rwanda, Tanzania and Zambia.

Enimiro, a Ugandan vertical supply chain partner, has received a US$515,000 investment from Pearl Capital Partners-managed Yield Uganda Investment Fund. The investment will be used to construct a new processing facility warehouse and to improve efficiencies, increase volume and improve product quality for both Vanilla and Arabica coffee. 

Stllr Network, the Egyptian outsourcing startup which puts businesses in touch with marketing professionals that provide a range of services, has closed a six-figure investment round from 500 Global and angel investors. The investment will be used for regional expansion and bolster talent.

Nigerian fintech startup Swipe has raised US$500,000 in pre-seed funding. The credit-focused tech company aims to expand access to its various credit services across Africa with its BNPL (Buy-Now-Pay-Later) product.

Smartprof, a Morocco-based educational tech startup, has secured US$50,000 in investment from UM6P Startgate and Plug and Play.

Zambian agribusiness company Zambeef is to receive US$35 million in investment from the International Finance Corporation to partly finance the expansion of its food production and processing capacities.

d.light, a manufacturer of clean energy products, has raised a further US$50 million from a consortium of lenders financing renewable energy projects in Africa. The investment is structured as a balance sheet debt facility with participation from Mirova SunFunder, Trade and Development Bank and Dutch entrepreneurial development bank FMO.