DealMakers AFRICA

Fortuna Mining Corp, a Canadian precious metals company, has entered into an agreement to sell its interest in Roxgold Sanu SA, which owns and operates the Yaramoko Mine, together with the Company’s three other wholly-owned Burkina Faso subsidiaries which hold exploration permits in the West African country, for approximately US$130 million. Upon completion of the transaction, Fortuna will cease to have any operations in Burkina Faso.

Pan-African telecommunications company, AXIAN Telecom, has received a US$100 million financing package from The European Investment Bank. The funding will support the expansion of its mobile broadband network infrastructure across Tanzania and Madagascar – expanding the 4G mobile broadband network infrastructure across the two countries as well as continuing the introduction of 5G coverage. $60 million of the financing will benefit Tanzania and $40 million will go to Madagascar.

Nigerian renewable energy company, Arnergy Solar, has closed an US$18 million Series B investment round led by CardinalStone Capital Advisers Growth Fund. Other participants in the round include British International Investment and existing investors, Norfund, Breakthrough Energy Ventures, EDFI MC, and All On.

Nairobi-based, Purple Elephant Ventures, a venture studio dedicated to African tourism innovation, has secured an additional US$500,000 investment from Alphatron, bringing its total seed round to US$5 million. Alphatron is a Dutch single-family office under the Alphatron Group.

DealMakers AFRICA is the continent’s quarterly M&A publication
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