Inspiring Africa's Sustainable Business Growth
ETHIOPIA – Ascent Rift Valley Fund Ltd (ARVF) has announced that it has exited as a shareholder of Medpharm Holdings Africa (Medpharm), a provider of medical diagnostic laboratory services in Ethiopia. ARVF has sold its stake in the company to Cerba Lancet Africa (CLA), a network of clinical pathology and medical diagnosis in Africa with 170 sites, across Sub-Saharan Africa.…
Read More
ANGOLA – Angola plans to complete the sale of stakes in national oil company Sonangol EP and diamond firm Endiama within the next five years. According to the chairman of the government’s asset-management agency the two companies were among the largest of 195 state-owned firms and assets the government initially earmarked for disposal between 2019 and this year. The onset…
Read More
KENYA – Airtel Africa, a multinational company that provides telecommunications and mobile money services, has sold a 25.77 percent stake in its local mobile money business, Airtel Money, as part of a continent-wide deal that has seen it raise US$550 million from four institutional investors, reports The East African. The multinational’s interest in Airtel Money Kenya Limited dropped to 74.23…
Read More
KENYA – Investment firm Actis has exited from AutoXpress, an importer, distributor and retailer of tyres, auto parts and accessories serving retail and corporate customers in the East African market. Actis has sold its stake in the company to AfricInvest, a Pan-African mid-cap-focused private equity firm. “Across our partnership, Actis and the dedicated leadership at AutoXpress shared an ambitious plan…
Read More
ALGERIA – Italian oil and gas company Eni has agreed to sell a 49.9% stake of its subsidiaries that operate the gas pipelines between Algeria and Italy to energy infrastructure firm Snam for US$435.7 million. The deal includes the onshore gas pipelines that run from the Algeria-Tunisia border to the coast of Tunisia (TTPC), and the offshore gas pipelines that…
Read More
SOUTH AFRICA – MTN Group has announced the Group’s exit from our operation in Yemen in a transaction that furthers the delivery of our Ambition 2025 strategy and is in line with our intention – first announced in August 2020 – to exit the Middle East. Effective 17 November 2021, MTN Group transferred our majority shareholding in MTN Yemen to…
Read More
SOUTH AFRICA – MTN South Africa has reached an agreement to sell its cellphone towers to IHS Towers for R6.4 billion (US$413.5 million), in a transaction that would help bolster the company’s arsenal for the anticipated auction of spectrum. MTN is selling and will lease back, 5,709 of its towers in South Africa, which include some 4 000 “greenfield” and…
Read More
KENYA – Kibo Capital Partners, a private equity management company, has sold its interest in the Kenyan logistics and distribution company, General Cargo Group (GCG), to logistic company Velogic. The Kibo shares were sold to Velogic, the logistics subsidiary of the Mauritius services and investment group Rogers Group. Velogic was also the majority shareholder of General Cargo Group. The divestment…
Read More
SOUTH AFRICA – Omnia Holdings (Omnia), a diversified chemicals company, and minority shareholder Autumn Storm have negotiated a deal to sell a majority stake in Umongo Petroleum, a supplier of lubricant additives, base oils, process oils and chemicals as well as technical solutions to lubricant blend manufacturers in sub-Saharan Africa. The transaction will see Orkila South Africa (Orkila) – a…
Read More
EGYPT – Nawah Scientific, an Egypt-based life science startup, has sold a strategic stake to Essam Abdelhadi, the former vice president Middle East, Turkey, Africa and Pakistan (METAP) of Abbott, a US-based healthcare multinational, ahead of its upcoming Series A round. Having concluded a US$1 million pre-Series A round earlier in the year, Nawah Scientific is now working on a Series A, and has part…
Read More