Bus-hailing startup Swvl acquire controlling stake in mass transit platform Shotl

EGYPT – Swvl, an Egyptian bus-hailing startup, has acquired a controlling stake in Shotl, a Spanish mass transit platform that partners with municipalities and corporations to provide on-demand bus and van services across Europe, LATAM, and APAC. With a presence in 22 cities across 10 countries, including Brazil, Japan, and a pan-European footprint1, over 350,000 bookings to date, more than 10% market share in Europe, and rapid adoption, Shotl is addressing challenges posed by transportation voids in suburbs, cities, and campuses. Shotl works with governments, towns, and businesses to reach…

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Etisalat Group raises its stake in Maroc Telecom, increasing ownership to 100%

MOROCCO – Etisalat Group, the UAE based Emirates Telecommunications Corporation has raised its stake in the Moroccan telecommunications company Maroc Telecom, after spending MAD 4.5 billion (US$505 million) on an acquisition deal. Etisalat Group CFO Karim Bennis confirmed in a regulatory filling to the Abu Dhabi Securities Exchange that the group had signed an agreement with Abu Dhabi Fund For Development to acquire their stake in Etisalat Investment North Africa LLC (EINA) of 8.7%, increasing Etisalat Groups’ ownership to 100%. This acquisition will ultimately increase Etisalat Group’s effective ownership in…

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Bank ABC completes acquisition of 99.5% of BLOM Bank Egypt

EGYPT – The Arab Banking Corporation (Bank ABC) has completed its acquisition of 99.5% of BLOM Bank Egypt, to expand its presence in the Middle East and North Africa. Earlier, Egypt’s Financial Regulatory Authority (FRA) approved the compulsory purchase offer Bank ABC submitted to acquire BLOM Bank Egypt. The corporation bought up to 300 million shares in a deal valued at US$425 million. This acquisition represents 1.37x of the book value of BLOM Bank Egypt as of March 2021. Egyptian branches of Bank ABC and BLOM Bank will continue to operate…

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Mr Price gets green light to acquire online retailer Yuppiechef

SOUTH AFRICA – Fashion retailer Mr Price, has received Competition Commission’s green light to acquire full ownership of Yuppiechef, a local online home and kitchen retailer. The ownership was granted without conditions as the acquisition is not seen as a potential disruption to other retailers, according to the commission in a statement released on 5th august 2021. “We are very excited about welcoming the Yuppiechef team into our family,” says Mark Blair, Mr Price’s chief executive officer. He further shared that the online retailer has bagged numerous awards in both…

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Insurtech firm Naked gets US$8.4m funding from Naspers

SOUTH AFRICA – Naspers, through its early-stage tech investment vehicle Naspers Foundry, announced a R120 million (US$8.4 million) investment in Naked, an artificial intelligence (AI)-driven insurtech company that offers a new, fully digital way for consumers to insure their cars, homes, and valuables. In a statement, Naspers says the transaction is Naspers Foundry’s second insurtech investment in two weeks and its biggest investment to date. In July 2021, Naspers announced a R34 million (US$2.4 million) investment in the digital insurance advice platform, Ctrl. The investments are part of Naspers’s R1.4 billion (US$98.2…

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Unga Group to sell its subsidiary Ennsvalley Bakery in cost-cutting measure

KENYA – Unga Group, one of the big millers in Kenya, has announced the planned sale of Ennsvalley Bakery assets to cold storage and cold chain logistics company BigCold Kenya subject to satisfaction of certain conditions. The company will be selling its bread business to BigCold as it seeks to cut costs and improve efficiency. According to the Nairobi Securities Exchange-listed miller, Ennsvalley Bakery Limited entered into an agreement to sell all its assets to BigCold Kenya on 26th July 2021. BigCold is the only FSSC 22000 certified company in East Africa…

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US-based Bevy acquires event management software startup Eventtus

EGYPT – Egyptian event management software startup Eventtus has been acquired by Bevy an US-based enterprise software startup for virtual conferences and community events. According to MENAbytes, the financial details of the transaction were not disclosed but Eventtus said that it was a ‘good deal’ for everyone involved – including the investors of Eventtus. Mai Medhat and Nihal Fares who had founded Eventtus in 2012 are joining Bevy’s leadership team as Vice President of Innovation and Director of Product respectively as a result of the acquisition. The rest of the…

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Solar startup Pawame secures US$2.45m in grant and equity funding for geographic expansion

KENYA – Pawame, a solar energy startup, has raised US$1.7 million in grant capital and an additional US$750,000 in equity funding to finance its geographic expansion. Founded in 2016 by Alexandre Allegue, Majd Chaaya and Nick Sparks, Pawame allows customers to access solar home systems via a pay-as-you-go (PAYG) subscription model, and also helps them to obtain micro-loans via their mobile phones. The startup offers a portfolio of innovative, high-quality solar home systems in remote areas of Kenya on a micro-financed basis, using mobile money repayment and the business model also uses…

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Savannah Petroleum in talks to buy ExxonMobil’s asset portfolio in Chad and Cameroon

CHAD-CAMEROON – Savannah Energy, the African’s oil, and gas industry-focused British independent energy company, is in advanced exclusive discussions with ExxonMobil with respect to the proposed acquisition of its entire upstream and midstream asset portfolio in Chad and Cameroon. The proposed acquisition would include a 40% operated interest in the Doba Oil Project, and an effective approximately 40 percent interest in the Chad-Cameroon oil transportation pipeline.  In 2020, the Doba Oil Project produced an average gross of 33.7 thousand barrels per day (Kbopd), and the Chad-Cameroon pipeline transported a gross of 129.2 Kbopd. If completed on…

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Airtel Africa sells tower portfolio in Tanzania to SBA Communications led joint venture for US$175m

TANZANIA – Telecommunications company Airtel Africa, has sold its tower portfolio in Tanzania to a joint venture in a transaction valued at approximately US$175 million. In a statement released to the media, the deal is described as the largest strategic divestment of the Group’s tower portfolio as it focuses on an asset-light business model and its core subscriber-facing operations. Airtel Africa provides telecommunications and mobile money services in 14 African countries including DRC, Nigeria, Zambia and Uganda. According to the company, its tower portfolio in Tanzania comprises about 1,400 towers…

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