Africa's PIC makes investment in infrastructure.
Africa's PIC makes investment in infrastructure.
Also, Kenya’s KCB Group acquires Trust Merchant Bank, IFC's loan to leading South Africa providers of residential mortgages provider.
Another weekly roundup of the top business and financial news, analysis, and conversations for busy Africa-focused financial professionals. As always any comments please feel free to send them via email to info@africafinancereview.com or Twitter @AfricaFinReview
In today’s weekly wrap-up edition
AfricInvest’s two funds exists financial services investment
Africa’s largest asset manager's latest investments
Kenya’s KCB Group acquires Trust Merchant Bank
Digital Realty completes acquisition of Africa data center provider.
Exists :
Investment Fund Manager Amethis has announced its exit from Cote d’ Ivoire retail distributor of oil and gas products Petro Ivoire, through the sales of its minority stake to Caisse Nationale de Prevoyance Sociale (CNPS)
AfricInvest is pleased to announce that both funds AfricInvest II LLC and AfricInvest Financial Sector Fund Ltd have exited their investment in Bridge Group West Africa “BGWA,” a financial services holding company controlled by Teyliom International Group “Teyliom.”
M& A Actions :
Leading global investor in sustainable infrastructure Actis has agreed to acquire a controlling stake in distributed commercial & industrial solar platform Yellow Door Energy (YDE). The transaction will be funded through Actis’s Energy 5 Fund.
KCB Group, the Kenya-based financial services holding company has agreed to acquire an 85% stake in the Democratic Republic of Congo (DRC)-based lender Trust Merchant Bank (TMB).
Nigeria-based International Energy Insurance Plc (IEI Plc or the Company) has obtained the approval of the National Insurance Commission (NAICOM) to acquire 100% equity holding in the Norrenberger.
Nigeria-based digital bank Umba has acquired a 66.6% stake in Daraja, a Kenya-based microfinance firm, to expand its footprint across the continent.
South Africa’s digital bank TymeBank is looking to acquire Retail Capital, a FinTech company that provides funding to small and medium-sized businesses (SMBs) in South Africa. The acquisition is still subject to regulatory approvals.
The largest global provider of cloud- and carrier-neutral data center, colocation and interconnection solutions Digital Realty, has successful completed the acquisition of a majority stake in Teraco, a leading carrier-neutral data center and interconnection services provider in South Africa, from a consortium of investors, including Berkshire Partners and Permira, in a transaction valuing Teraco at approximately $3.5 billion.
Mediclinic Southern Africa operator of multi-disciplinary acute care private hospitals Mediclinc has accepted a £3.7bn cash offer from a consortium of its biggest shareholder and a shipping group, Remgro.
Bond Issue
Nigeria’s Debt Management Office has listed FGN $5.25bn Eurobond and ₦250.00bn Ijarah Sukuk at Exchange Place.
Office National des Chemins de Fer du Maroc ( ONCF)Morocco’s national railway has launched Africa’s first corporate clean mobility bond. The bond was supported by CDG Capital.
Private Equity:
Leading South African pension fund manager Public Investment Corporation (PIC) has made a $100m commitment to infrastructure financier Africa Finance Corporation (AFC).
The International Finance Corporation(IFC) has made an investment in Uhuru Growth Fund I, managed by middle-market private equity firm Uhuru Investment Partners (Uhuru), a middle-market private equity firm in West Africa. IFC’s support includes an equity investment of up to $10 million from IFC's capital and an additional $10 million from the Blended Finance Facility of the International Development Association's Private Sector Window
Fundraising Events :
Seedstars launched its second emerging market seed stage fund, Seedstars International Ventures II. The firm announced the first close of the $30 million fund with $20 million committed, with The Rockefeller Foundation’s Zero Gap Fund as one of four co-anchor investments alongside the International Finance Corporation (IFC), Visa Foundation, and Symbiotics.
BII and FMO have announced a joint commitment to African Infrastructure Investment Fund 4 (“AIIF4”), managed by African Infrastructure Investment Managers (“AIIM”). Their investment aims to support AIIF4 reaching its $500 million target fund size.
Yield Uganda Investment Fund, an agribusiness impact vehicle managed by Pearl Capital Partners, has invested US$515,000 in Enimiro, a Ugandan farming platform that connects small-scale farmers to markets.
Private Debt and Loans:
The International Finance Corporation (IFC) and Absa Bank Limited, one of the country's leading providers of residential mortgages, have partnered to support the expansion of housing finance for lower-to-middle income households in South Africa. The IFC local currency loan of up to approximately $124 million will help expand Absa's affordable housing mortgage portfolio.
Social impact investor Oikocredit has provided a credit line of € 2.7 million (US$2.7m) to Benin-based cashew trading and processing company Africa Negoce Industries (ANI), to fund the procurement, storage, and processing of cashew nuts into white cashew kernels for export.
Coris Bank Côte d’Ivoire announced a €19 million (about US$19.4 million) guarantee secured from Proparco, the French Development Agency (AFD)’s agency in charge of private sector development.
South African fibre broadband provider MetroFibre Networx, has secured a US$300 million loan from Standard Bank Group which will specifically help extend fiber connectivity offerings to homes and businesses in underserved
Nigeria’s Access Bank has received a financial facility confirmation from the US Development Finance Corporation (DFC) of US $280 million.
Venture Capital Deals :
Egyptian Home & furniture marketplace startup, Homzmart has raised US$23 million in a pre-Series B round to fund the its expansion and increase its market share.
Kenyan InsurTech startup, Lami raises US$3.7 million seed extension led by Harlem Capital as the company looks to increase its penetration to key markets like Nigeria and Egypt.
Nigeria-based identify verification startup, Youverify has raised the additional US$1 million for its seed round with the total of US $2.5million.
Sengal-based fintech startup Outsource Monetic Group has raised an undisclosed pre-seed funding from 500 startups to scale its KaliSpot ATM network.
People Moves:
Africa’s leading global bank United Bank for Africa Plc, Africa’s global bank, has announced the appointment of Oliver Alawuba as Group Managing Director, overseeing all the group’s global banking operations.
Mergence Investment Managers has appointed Sholto Dolamo as its managing director, effective 1 July