A.P. Moller Capital acquires AFC’s stake in renewable energy producer Cabeolica

CAPE VERDE – A.P. Moller Capital, the Denmark based investment fund manager, is taking a 40% stake in Cabeolica, Cape Verde’s largest renewable energy producer from Africa Finance Corporation (AFC). Cabeolica is the archipelago’s largest renewable energy producer. A.P. Moller has invested in the independent power producer (IPP) via Africa Infrastructure Fund, its fund dedicated to sustainable infrastructure in Africa. The shares are being sold by the Africa Finance Corporation (AFC), a pan-African multilateral development finance institution based in Lagos, Nigeria. However, AFC remains the majority shareholder in Cabeolica, with…

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AfricInvest acquires minority stake in insurance company REGIC

NIGERIA – AfricInvest, a Pan-African asset management company, has acquired a minority stake in Royal Exchange General Insurance Company (REGIC). According to AfricInvest, the investment was made through its evergreen private equity fund, FIVE, in the form of a subscription to a capital increase. “The desire to participate in more large-ticket corporate transactions, diversify existing business and product lines as well as diversification of delivery channels were some of the key drivers behind this push for additional working capital by REGIC,” AfricInvest said in a statement. “The additional working capital…

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Holmarcom group set to acquire Credit Agricole’s stakes in Credit du Maroc

MOROCCO – Holmarcom group, an insurance and real-estate company, has announced that it seeks to buy stakes held by Paris-based Credit Agricole in its Moroccan branch Credit du Maroc, a move that will significantly change the landscape of Morocco’s banking and insurance industries. “These discussions are at a preliminary stage without any certainty on their outcome. Holmarcom will communicate more in due course if this project comes to fruition and in the meantime, does not intend to comment further on this project,” said a statement from the Holmarcom group. The…

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InfraCo Africa commits additional US$2.4m in Bonergie Irrigation SAS, acquires large minority shareholding

SENEGAL – InfraCo Africa, an investment company and part of the Private Infrastructure Development Group (PIDG), has signed a Shareholders’ Agreement and a Loan Agreement with Bonergie Irrigation SAS to continue supporting the scale-up access to solar-powered irrigation solutions in Senegal. Under the new agreements, InfraCo Africa will hold a large minority shareholding in Bonergie Irrigation, committing an additional US$2.4 million to scale up farmers’ access to solar-powered irrigation solutions in Senegal. “We are excited to continue working with our partners at Bonergie Irrigation to substantially scale up our offering…

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German solar company Ecoligo acquires Namene Solar West Africa

GHANA – Ecoligo, a German solar utility that provides low-cost solar energy to local businesses in emerging markets, has announced the acquisition of the solar power projects for commercial and industrial customers (C&I) of Namene Solar West Africa. The company remains a wholly owned subsidiary of the Namene Group. There is movement around the commercial and industrial (C&I) solar power providers in West Africa. German company Ecoligo is acquiring the C&I division of Namene Solar West Africa, the subsidiary of the Namene Group. The Accra (Ghana) based company is selling…

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Fawry provides funding and acquires minority stake of commerce startup Brimore

EGYPT – Brimore, a social commerce startup, has raised funding from e-payments solutions and banking services provider Fawry, the North African country’s first startup “unicorn”, as part of its upcoming Series A round. Brimore raised a US$3.5 million pre-Series A round last year and has now announced that it has finalised an investment from Fawry, which has acquired a minority stake. Coming as part of Brimore’s upcoming Series A funding round, the investment will also see Fawry leverage its role as a strategic investor to engage, support, and encourage growth…

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Automotive marketplace Contactcars.com acquires Sa3ar Technology Solutions

EGYPT – Contactcars.com, an automotive marketplace, has announced the acquisition of Sa3ar Technology Solutions, a platform that provides car valuation technology and a dealer-specific auction platform. Contactcars.com, a subsidiary of Contact Financial Holding, continues to evolve and look for new opportunities to provide the automotive ecosystem with innovative value-added services. With the acquisition of Sa3ar Technology, founded by Adham Hosny and Hussein Hosny, contactcars.com aims to further enhance the user experience by providing one holistic pricing tool that will cater to both the end-user and dealers allowing the market to…

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Ergo Media Ventures set to invest and acquire 49% stake in Film Clinic

EGYPT – Ergo Media Ventures, an Egypt-based investment firm, has entered into a definitive agreement to invest and acquire 49% stake in Egyptian production company Film Clinic. This transaction marks Ergo’s first investment since its establishment. It will be used to transform the company into a professional, institutionalised, end-to-end visual media production and distribution entity. The investment will be a combination of equity that will be used to restructure and build the Company, and debt to finance its projects. “The establishment of Ergo Media Ventures, as well as this investment,…

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Logistics company DIGGIPACKS acquires ecommerce solutions provider FWRUN

EGYPT – DIGGIPACKS, a Saudi Arabia-based last-mile delivery and logistics services provider, has acquired FWRUN, an Egyptian ecommerce solutions provider, in order to extend its footprint in the Egyptian market. DIGGIPACKS raised US$400,000 in pre-Seed fundraising from YOUXEL Ventures, OQAL, and other Saudi angel investors in April. DIGGIPACKS, founded by Hasan Jabarti in 2020, brings together last mile and fulfillment firms to make it easier for retailers to transport their packages. Riyadh-based Diggipacks began operating in the Kingdom of Saudi Arabia in the sphere of e-commerce and retail in 2020,…

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Egyptian e-commerce platform MaxAB acquires Moroccan counterpart WaystoCap

EGYPT – MaxAB, an Egyptian B2B e-commerce platform, has acquired Moroccan counterpart WaystoCap the Morocco-based B2B e-commerce and distribution platform that connects retailers with suppliers across Africa. The acquisition will see MaxAB accelerate its expansion into the Maghreb market, empowered by WaystoCap’s expertise in the region. Additionally, MaxAB has confirmed an additional US$15 million investment from existing investors, as it closes its Series A, which brings the total capital raised by the ecommerce leader to more than US$60 milion. It secured US$40 million in Series A funding in July. Founded…

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