DealMakers AFRICA

Africa Go Green Fund, managed by Cygnum Capital, will fund a US$5 million joint project with BioLite to distribute cookstoves across 10 African countries – Rwanda, Malawi, Ivory Coast, Senegal, Madagascar, Nigeria, DRC, Zambia and Mali. The project will see the distribution of improved cooking solutions to approximately 120,000 households and is expected to result in up to 1,6 million tonnes of avoided emissions over the life span of the project.

Chpter, an AI-powered conversational commerce platform, has received and undisclosed investment from Renew Capital. The company’s platform is already in use in Kenya and South Africa, with plans to expand into new markets, including Nigeria, Ghana, Egypt and Morocco.

BHP, through a wholly-owned subsidiary, and Cobre have executed a letter of intent to negotiate exclusively for a material earn-in joint venture agreement covering Cobre’s Kitlanya West and East Copper Projects located in Botswana’s Kalahari Copper Belt.

AXIAN Investment has acquired a stake in Côte d’Ivoire’s WiASSUR for an undisclosed sum. This deal will make AXIAN the second largest shareholder in the insurance start-up.

Flour Mills of Nigeria has announced that it has received an offer from majority shareholder, Excelsior Shipping Company, to acquire all the shares held by minority shareholders through a scheme of arrangement. The deal has received the Securities & Exchange Commission’s “no objection” to the scheme plus an Order from the Federal High Court to convene a Court-Ordered Meeting on 14 Nov 2024. The scheme is still subject to shareholder approval and sanctioning by the Federal High Court.

African Export-Import Bank (Afreximbank), has agreed to provide a US$100 million Trade Finance Facilitation Facility to National Bank of Malawi.

Azur Innovation Management has invested 8 million dirhams in Moroccan HRtech startup, KWIKS, which specialises in artificial intelligence-assisted recruitment. The funding will be used to accelerate the development of its AI-driven solutions.

Nigerian edtech startup, Tespire, has announced that it will complete its pre-seed fundraising round by the end of Q3 this year.

Côte d’Ivoire-based AFG Holding SA, the banking arm of Atlantic Group, has acquired a controlling stake in Access Microfinance Holdings AG and indirectly its African subsidiaries – Access Bank Liberia, AccèsBanque Madagascar, AB Microfinance Bank Nigeria, AB Rwanda and AB Bank Zambia.

The International Finance Corporation (IFC) has provided a US$200 million sustainability-linked loan to three of Airtel Africa plc’s subsidiaries to support the expansion and modernisation of the Airtel Africa network as well as investment in its distribution infrastructure.

In Nigeria, JustBrandIt/Eazzy Prints Africa is reported to have acquired Printivo.com. The two companies will continue to operate under their respective brands.

Mezzanine fund manager, Vantage Capital, announced a €14 million investment in Morocco’s Société de Production Maraîchère Samir S.A. (SPMS). The company has specialised in cherry tomato production since 1992 and in 2014 it expanded in red fruits (raspberries, blueberries and blackberries).

Egypt’s City Lab is spending a combined EGP233,5 million to acquire 50% stakes in five medical companies – Egypt’s Distinguished Diagnostics, Saudi Egyptian Company for Medical Laboratories, Premium Diagnostics UAE, KSA-based Distinguished Diagnostics and a clinics company.

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