Investment firm Actis sells its stake in AutoXpress to private equity firm AfricInvest

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…

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Eni divests its stake in Algeria-Italy gas pipelines to energy infrastructure firm Snam

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…

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MTN to sell its South Africa cellphone towers to IHS in a US$413.5m deal

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…

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Kibo Capital divests its stake in logistics and distribution company General Cargo Group

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…

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Omnia Holdings, Autumn Storm divest their majority stake in Umongo Petroleum

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…

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Life science startup Nawah Scientific offloads strategic stake to Essam Abdelhadi

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…

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Condiment maker GBfoods attains full ownership of Africa’s operations

AFRICA – Global culinary products manufacturer GBfoods has undertaken a share buy-back at its African unit GBfoods, from private equity investment firm Helios Investment Partners. Established in 2017, GBfoods Africa was a joint venture created by Helios and GBfoods through the combination of GBfoods’ existing bouillon cubes business in Africa and the acquisition of brands Gino, Pomo, Jago, and Bama.…

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James Finlay divests from flower business with sale of Kericho farm

KENYA – Black Tulip Group has bought Kericho-based flower farm from James Finlay Kenya for an undisclosed amount as the latter focuses on its tea and coffee business. The sale will see workers at the Lemotit farm in Londiani, Kipkelion East, which produces roses and cut flowers for the United Kingdom and European markets, declared redundant. “The sale of Lemotit…

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