DealMakers AFRICA

Paymob has raised a US$22 million Series B extension round led by EBRD Venture Capital. Other investors included Endeavor Catalyst, PayPal Ventures, BII, FMO, A15, Nclude and Helios Digital Ventures. This takes the Egyptian-based fintech’s total Series B funding to $72 million.

Nigerian fintech, Rise has acquired Kenyan investment startup, Hisa, for an undisclosed sum. The acquisition was approved by Kenya’s Capital markets Authority and gives Rise the right to operate in the East African country.

Ayady for Investment & Development S.A.E., NI Capital Holding for Financial Investments S.A.E. and Post for Investment Company S.A.E. have sold their combined 100% stake in non-banking financial service company, Tamweely Microfinance S.A.E. to a consortium comprising SPE PEF III (SPE Capital), the European Bank for Reconstruction and Development, Tanmiya Capital Ventures and British International Investment, for over EGP2,5 billion.

Andrada Mining has entered into a three-stage earn in agreement with lithium chemical producer, Sociedad Quimica y Minera de Chile SA (SQM) to partner in developing the Lithium Ridge asset (ML133) in Namibia. SQM can earn into Grace Simba Investments (the holder of the Lithium Ridge mining licence) through solely funding both the exploration and future Definitive Feasibility Study at Lithium Ridge. An initial participation fee of US$500,000 is due on signing plus an additional $1,5 million upon satisfaction of certain conditions. SQM has an option to earn a 40% stake through an investment of $20 million over a three-and-a-half-year period, with the stake increasing to 50% upon final funding of the Feasibility Study.

Egypt’s Entlaq, a company specialising in supporting entrepreneurship, has announced the acquisition of a stake in Egyptian foodtech company, Brotinni, for an undisclosed sum. The funding will be used to expand operations in Egypt and other regional markets.

WIC Capital has announced and undisclosed investment in Wood Packaging Industry, an industrial carpentry company. This is WIC Capital’s first investment in Côte d’Ivoire.

Following a competitive bid process, FBN Holdings announced that EverQuest Acquisitions LLP (comprising Custodian Investments Plc, Aion Investments and Evercorp Industries) was the preferred bidder for its 100% stake in FBNQuest Merchant Bank. Financial terms were not disclosed, and the company issued a clarification notice of the divestment, assuring shareholders that the sale was only for the Merchant Banking business and not FBNQuest Capital, FBNQuest Asset Management, FBNQuest Trustees, FBNQuest Funds and FBNQuest Securities, which would remain subsidiaries of FBN Holdings.

AngloGold Ashanti is set to acquire Centamin Plc, the operator of Egypt’s largest gold mine – Sukari, in a stock and cash deal valued at US$2,5 billion.

Nigeria’s Zenith Bank Plc has extended the closing date of its Rights Issue and Public Offer to Monday 23 September 2024, citing disruptions by the nationwide protest that commence on the day the offer opened – 1 August 2024.

DealMakers AFRICA is the Continent’s M&A publication
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