Global insurer Allianz SE completes 51% acquisition of Burundi’s Jubilee General Insurance Limited.
US -based IDT Corporation acquires Leaf Global Fintech Corporation, Kenya receives $750 million in loans from World Bank.
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In today’s weekly wrap-up edition
IDT Corporation acquires Africa focused digital wallet services provider.
Allianz SE completes 51% acquisition of Burundi’s General Insurance Limited.
Kenya receives $750 million in loans from World Bank.
Prudential Financial to acquire a minority stake in South Africa-based Alexander Forbes Group Holdings.
Allianz SE completes 51% acquisition of Burundi’s Jubliee General Insurance.
Leading Global insurer Allianz SE has completed the purchase of a 51% stake in Burundi’s Jubliee General Insurance Limited, while Jubliee Holdings will retain 19% of the business.
The bottom line:
Founded in 1937, Jubliee Insurance is a leading financial services provider in Kenya with subsidiaries in Tanzania, Uganda, Burundi, and Mauritius making it a regional leader with an asset base of 1.183 billion Euros.
In 2020 Jubliee Holdings agreed to sell from 51% - 66% stake in its general insurance subsidiaries in Uganda, Burundi, Kenya, and Mauritius for SH10.8 billion to Allianz, starting with the Kenya operation.
The acquisition provides Allianz with the opportunity to grow its operations across Africa.
Other M & A Actions:
IDT Corporation global provider of fintech, cloud communications, services has acquired Leaf Global Fintech Corporation (Leaf) a digital wallet services provider in emerging markets currently serving unbanked customers in Rwanda, Uganda, and Kenya.
Prudential Financial, Inc. in partnership with LeapFrog Investments Group, Ltd. has announced its intention to acquire a strategic minority stake in South Africa-based Alexander Forbes Group Holdings. The acquisition will broaden Prudential Financial footprint across Africa’s high-growth financial services markets in Africa
South Africa-based payment company Yoco has acquired Fintech and Web3 software development agency Nona Digital to grow its positioning as a highly-specialised fintech product and technology provider.
Private Equity Deals :
Old Mutual Private Equity (OMPE), a division of Old Mutual Alternative Investments (Pty) Ltd, has acquired 100% of Long4Life Limited with the deal valued at ZAR 4.2 billion ( $277.9 million) financed through a combination of debt and equity.
The International Finance Corporation (IFC), a member of the World Bank Group, has invested $5 million in DisrupTech Ventures an Egyptian-based fintech venture capital fund.
Global private equity firm Lightrock lead a new investment of $18.5 million in Series C funding in 4G Capital a provider of unsecured credit to micro-enterprises.
Leading Impact investment manager BlueOrchard Finance’s The InsuResilience Investment Fund (IIF), has acquired 40% of Ghanaian-based general and micro-insurance group Vanguard.
Treasury Bills Updates:
Kenya’s National Treasury is targeting Sh31.6 billion through 3 re-opened bonds of five-year, 15-year, and 25-year paper.
Ghana’s government has secured over ¢862 million from the sale of the 5-year Treasury bills, which is slightly below the ¢1.0 billion targets.
Zambia treasury bills were K3 billion oversubscribed from local and foreign investors against the targeted borrowing of K2 billion in the recent treasury bills auctions.
Bonds Issuances :
Nigeria has raised $1.25 billion through the issuance of seven-year Eurobonds. The new fundraising will be used to strengthen the country’s economic recovery and contribute directly to the level of its’s External Reserves.
The International Finance Corporation (IFC) an arm of the World Bank, will purchase $36.97 million (Sh4.2 billion) worth of bonds issued by Kenya Mortgage Refinance Company. This makes in the largest debt investors in the company.
Kenya has received a $750 million (Sh85.8 billion) loan from the World Bank to support its budget and drive fiscal reforms. The concessional loan will have a 3 percent annual interest rate with $520 million lent through the International Development Association (IDA), having a 30-year maturity with a five-year grace period and $230 million through the International Bank for Reconstruction and Development (IBRD) with an 18.5-year maturity and a five-year grace period.
Fundraising Events :
South Africa-based Standard Bank, Africa’s largest bank sets a $20Bn funding target to help finance green energy projects by 2026. to renewable projects funding target for 2026. This is based on the bank’s commitment to achieve net-zero carbon emissions across its operations by 2040 and wipe out carbon emissions from its financed emissions portfolio by 2050, in line with the Paris Agreement.
Venture Capital Deals
The Spark+ Africa Fund the world’s first impact investment fund focused on financing the value chains of clean and modern cooking appliances and fuels have raised over $40 million in a first close. The Fund will make debt, mezzanine, and equity investments in companies that manufacture and distribute clean cooking solutions, such as biomass stoves, advanced biomass fuels, liquefied petroleum gas, ethanol, and biogas systems.
Kenyan-based e-commerce startup Sokowatch ( rebranding as Wasoko) has raised a US$125 million Series B equity round to launch its operations in West Africa.
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