DealMakers AFRICA

AIM-listed Wentworth Resources, the Tanzania-focused natural gas production company has reached an agreement to acquire a 25% interest in the Ruvuma gas project in Tanzania. Scirocco Energy will sell the stake for an initial cash payment of US$3 million due on completion with further deferred and contingent cash payments of up to $13 million dependent on certain development and production milestones.

Egybelg (Egyptian Belgian Co.) a Cairo-based consumer goods firm manufacturing and distributing bakery goods, has been acquired by Savola Foods, a subsidiary of Saudi-listed Savola Group. The EGP622 million deal is part of Savola plans to invest EGP1,7 billion in Egypt over the next few years.

Kasada, the South African-based investment platform, has announced the acquisition of the Umubano Hotel in Kigali, Rwanda. The hotel will be rebranded and redeveloped into a 100-key Mövenpick hotel.

Chari, a Moroccan-based FMCG and financial services platform, has acquired Diago, a retail app operating in Abidjan, Côte d’Ivoire. The deal is part of Chari’s plan to digitise the retail value chain in Francophone Africa.

Nigerian fintech CredPal has received an undisclosed investment from Egypt-based VC fund The Cairo Angels Syndicate. CredPal provides a platform for users to buy anything and pay for it in instalments across online and offline merchants by providing them with instant access to credit at the point of checkout.

Egypt-based DXwand, a conversational AI tool assisting businesses turn conversations into growth insights, has closed a pre-series A investment round of US$1 million. The round was led by Huashan Capital with commitments from angel investors. The funds will be used to accelerate growth across the region, scale its market share and accelerate its AI research.

British International Investment and Symbiotics, have partnered to launch a US$75 million Green Basket Bond which will accelerate the origination and funding of green projects through MSME banks. The green lending programme is structured to support small-scale green projects across Africa, South and Southeast Asia.

d.light, a global innovator of solar-powered projects, and Solar Frontier Capital have jointly established a US$238 million financing vehicle Brighter Life Kenya. The off-balance sheet vehicle will provide d.light with flexible working capital, enabling it to provide finance to customers for a range of affordable and transformative products that drive quality-of-life improvements.

DealMakers AFRICA is the Continent’s M&A publication
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