DealMakers AFRICA
Aya Gold & Silver, the Canadian-based precious metals mining company, has reached an agreement with the National Office of Hydrocarbons and Mines (ONHYM) in Morocco to acquire the remaining 15% stake in the Zgounder project for US$6,5 million. The deal includes five adjacent permits. ONHYM will maintain its 3% royalty on the Zgounder property and a 3% royalty is granted on production coming from the new permits.
African Energy Metals, a Canadian energy minerals company, has entered into a joint venture with Black Hole Aurum, to jointly pursue and acquire controlling stakes in coal projects in Tanzania. Negotiations are already underway on the first two target projects.
US-based blockchain financial startup, PowerDfi, has acquired Naijacrypto, a Nigerian crypto exchange platform. Financial terms were not disclosed.
Canadian miner, Madison Metals has agreed to acquire a 23% stake in Mining Licence 121 through the acquisition of a 24% stake in Namibia Nuclear Corporation. The consideration will be settled in cash (US$2m) and shares (2 million Madison common shares).
Egyptian Company for Cosmetics (ECC Group) has acquired a majority stake in Source Beauty for an undisclosed sum. Lorax Capital Partners recently invested in ECC and has been supporting the company with its expansion plans.
Multinational automotive manufacturing company, Stellantis, has invested an undisclosed sum in Africar Group to launch Auto24, a direct-to-consumer used car company in Abidjan, Côte d’Ivoire.
mPharma, the patient-centered technology-driven healthcare company, headquartered in Ghana, has acquired a majority stake in Nigeria’s HealthPlus from Alta Semper. Financial terms were not disclosed.
Equity Group, through Equity Bank (Kenya) has entered into a purchase agreement with Spire Bank for the purchase of certain assets and liabilities. The deal will see Equity Bank acquire c.20,000 deposit customers holding c. KES1,322 million and 3,700 loan customers with outstanding balances at KES945 million (net carrying value after statutory loan loss provisions).
Commercial International Bank Egypt has acquired a 15% stake in EL Sewedy Engineering Industries (SEI) through a capital raise. The investment will be used by SEI to increase its stake in subsidiaries Arab Distribution & Marketing to 68.14% and EL Sewedy Illumination to 66.67% respectively. Financial details were undisclosed.
Credit Agricole, a French banking group, has acquired a further stake of 4.8% in its Crédit Agricole Egypt making it the majority shareholder with a 52.185%. Further financial details were undisclosed.
Tirupati Graphite plc has, via its subsidiary Tirupati Madagascar Ventures, entered into an agreement to acquire three additional mining permits in Madagascar. The permits, which cover a total area of 31.25km², were acquired for a total consideration of £167,000.
Banque du Caire has acquired a 10% stake in International Business Associates Group from Al Ahly Capital, the National Bank of Egypt’s investment arm and Banque Misr. Sarhank Group remains the majority shareholder with a 60% stake and Al Ahly Capital and Banque Misr will retain a 15% stake each. Financial details were undisclosed.
Insurtech company Turaco has closed Series A equity round valued at US$10m. The round was led by AfricInvest, through its Cathay Africinvest Innovation Fund (CAIF), and Novastar Ventures. Other investors included Enza Capital, Global Partnerships, Zephyr Acorn, Operator Stack, Asi Ventures Limited, and Push Ventures.
Kippa, a Nigerian financial management and payments platform has raised US$8,4 million in an oversubscribed seed round. Global investors in the round included Goodwater Capital, Rocketship VC, Saison Capital, TEN13 VC, Horizon partners among others. Funding will be used to scale its product offering.
Egypt-based 5 Quarters, which offers healthcare professionals online courses in addition to practical training and on-ground courses, has raised an undisclosed sum in a seed round from a Saudi angel investor. The investment will be used to scale its expansion plans in Saudi Arabia.
Bitmama, a Nigerian blockchain payments startup, has raised US$1,65 million in a pre-seed extension round from Unicorn Growth Capital and Launch Africa, among others. The funds will be used to scale into new markets.
DealMakers AFRICA is the Continent’s M&A publication
