Fintech startup Piggyvest acquires Savi.ng to build its customer base

NIGERIA – Piggyvest, a fintech startup which helps around three million users save and invest money, has acquired counterpart Savi.ng as it looks to build its customer base further. Launched in 2016 as Piggybank before a 2019 rebrand, Piggyvest is an online savings and investment platform targeted primarily at low and middle income Nigerians, allowing them to deposit and put aside small amounts on a daily, weekly or monthly basis. The startup has seen strong growth, repaying billions of naira to its users and already surpassing its 2020 figures in…

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Imperial inks US$300m deal to acquire logistics company J&J

MOZAMBIQUE – Imperial Logistics has announced that it reached an agreement to buy African logistics company J&J Group in a R4.4 billion (US$300 million) deal. The agreement comes on the back of Imperial’s announcement that Dubai Ports World (DP World) wants to buy and de-list the local group in a R12.7 billion deal (US$867.9 million). Imperial explained that it had received DP World’s consent for the J&J transaction, which will be concluded once regulatory and other conditions are fulfilled.  J&J has logistics operations between Mozambique, South Africa, Zimbabwe, Zambia, Malawi and…

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Mobility company Swvl plans to go public in US$1.5bn merger with Gambit Growth Capital

EGYPT – Dubai-based mobility company Swvl has announced plans to go public through a reverse merger with Queen’s Gambit Growth Capital, a special purpose acquisition company (SPAC). Queen’s Gambit Growth Capital was created earlier this year by a team of female executives (which claims to be the first women-led SPAC). Its CEO Victoria Grace is the founder of New York-based VC fund Colle Capital. The two companies have entered into a definitive agreement for a business combination that would result in Swvl becoming a publicly listed company on NASDAQ after…

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Vista Group Holdings SA secures US$69m Intra Africa Investment Finance Facility from Afreximbank

WEST AFRICA – African Export-Import Bank (Afreximbank) has closed a €59.2 million (US$69.72m) Intra Africa Investment Finance Facility to finance Vista Group Holdings SA’s acquisition of majority stakes in two banks. The banks are Banque Internationale pour le Commerce et l’Industrie de la Guinée (BICIGUI) and Banque Internationale pour le Commerce, l’Industrie et l’Agriculture du Burkina (BICIAB). The stakes in the two banks, which operate in Guinea and Burkina Faso respectively, are being acquired from BNP Paribas who is exiting these markets for operational reasons. The shift to African control…

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Quest Electricity Nigeria Limited acquires Yola Electricity Distribution Company

NIGERIA – Quest Electricity Nigeria Limited has acquired the Yola Electricity Distribution Company (YEDC) with a bid price of N19 billion (US$46.16m). The Bureau of Public Enterprises (BPE) in a statement by Amina Othman, Head, Public Communications indicated that the Share Sale and Purchase Agreement (SSPA) for the privatisation of YEDC was signed between the agency and the investor. According to BPE Director General Mr. Alex Okoh, the new investor has committed to a Performance Improvement Programme which would involve an investment of N28 billion (US$68.02m), over a period of…

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Healthtech startup CribMD acquires Charisland Pharmaceuticals

NIGERIA – CribMD, a healthtech startup, has announced its acquisition of Charisland Pharmaceuticals Group to ensure fast and efficient one-hour drug deliveries to its patients across Nigeria. The acquisition comes on the heels of CribMD’s US$2.6 million seed round in May 2021, which the startup says was oversubscribed. According to CribMD’s CEO, Ifeanyi Ossai, users would not need to wait two days for the delivery of their medications. Now, it can be sent to their homes, offices, or hotels in as little as one hour. Charisland Pharmaceuticals Group was founded…

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Raya Contact Center acquires majority stake in Gulf CX to enhance its capacity

EGYPT – Raya Contact Center Services Company (RCX), a subsidiary of the Raya Holding Group for Financial Investments, has announced that it has acquired an 85% stake in Gulf CX, with a transaction value of US$12.2 million, reports Daily News Egypt. The move comes after Raya Call Center Services Company’s Board of Directors submitted a purchase offer to acquire a controlling stake in Gulf CX. The latter serves more than 40 clients from various sectors in 10 countries around the world. Medhat Khalil, Chairperson of Raya Holding, said that the…

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Woodside Energy completes acquisition of FAR’s stake in Sangomar project

SENEGAL – Woodside Energy, an Australian petroleum exploration and production company, has completed the acquisition of the entire participating interest of FAR Senegal RSSD S.A. (FAR) in the Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore (RSSD) joint venture. The purchase price was US$45 million plus a working capital adjustment of approximately US$167 million to reflect the acquisition effective date of 1 January 2020. The final completion payment to FAR, after adjustments and remedying of FAR’s defaults under the joint operating agreement, was approximately US$126 million. Additional payments of up…

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Israeli’s Spacecom set to acquire 9.3% stake in Nuran Wireless

AFRICA – Spacecom, an Israeli satellite operator, is buying a 9.3% stake in rural connectivity provider Nuran Wireless to deepen its presence across Africa. The US$3.2 million deal includes exclusive rights for providing satellite capacity and bandwidth to Canada-based Nuran’s future operations in Africa, where Spacecom provides services with its Amos-17 spacecraft. It also covers managed services contracts Nuran has to extend French telco Orange’s mobile network in Cameroon and Congo. “The companies’ combined expertise and experience will ignite the potential of the rural market,” Nuran CEO Francis Letourneau said.…

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Government of Nigeria acquires US$4.13m mobile control towers to enhance flight safety

NIGERIA – The Federal Government of Nigeria has acquired two mobile control towers worth N1.7 billion (US$4.13m) in order to further enhance coverage of Nigeria’s airspace and improvement of flight safety. The mobile towers would be used by Air Traffic Controllers (ATCs), a department in the Nigerian Airspace Management Agency (NAMA) for air and ground communication. The Minister of Aviation, Senator Hadi Sirika explained that the equipment would be deployed to the Murtala Muhammed International Airport (MMIA), Lagos and the Nnamdi Azikiwe International Airport (NAIA), Abuja and any other airport…

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