Allianz completes acquisition of majority stake in Jubilee Holdings Uganda

UGANDA – Munich-based underwriter Allianz SE, has completed the acquisition of a majority stake in Jubilee Insurance Company of Uganda Limited. Allianz, one of the world’s leading insurers and asset managers, became the majority shareholder in Jubilee Insurance Company of Uganda Limited after completing the transaction to acquire a 66% stake in the company from Jubilee Holdings Limited (JHL), East Africa’s largest insurance group. The stake acquired by Allianz represents 29,700,000 ordinary shares of Jubilee Insurance Company of Uganda. JHL will retain a 34% stake, or 15,300,000 ordinary shares, in the company.…

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Omnia Holdings offloads stake in Umongo Petroleum for US$68.5m

SOUTH AFRICA – Diversified chemicals company Omnia Holdings, which said that it had sold a majority stake in Umongo Petroleum for R1 billion (US$68.5 million), is now ’actively pursuing’ acquisitions in mining and agriculture to add to its war chest as well as considering a possible ’special dividend’ to shareholders or a share buyback at the end of the financial year, reports IOL News. Omnia and minority shareholder Autumn Storm Investment had negotiated the deal in a transaction, which will see Orkila South Africa (Orkila), a subsidiary of Azeli, a…

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National Aviation Services acquires majority stake in Siginon Aviation

KENYA – National Aviation Services (NAS), the fastest-growing aviation provider in the emerging markets, has signed a strategic partnership agreement with Kenya’s Siginon Aviation Ltd. to acquire a 51% stake in Siginon Aviation Limited.  Siginon Aviation, a subsidiary of Siginon Group Limited. provides complete airport ground handling and cargo management services. Commenting on the latest partnership, Hassan El-Houry, Group CEO of NAS said: “During the pandemic, our cargo services came to the forefront by keeping crucial supply chains flowing uninterrupted. With the ongoing vaccine requirements around the world, we also…

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MFS Africa acquires Nigerian fintech startup Baxi

NIGERIA – MFS Africa, the largest pan-African digital payments hub, has announced that it had signed an agreement to acquire Baxi, one of Nigeria’s leading super-agent networks. The deal, which is subject to approval from the Central Bank of Nigeria, will be the second-highest fintech acquisition in Nigeria to date. Nigeria is home to one of the most dynamic markets on the continent; it is Africa’s largest economy and home to the largest number of SMEs and it is also the largest remittance market in Africa and home to one-third…

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Retail-tech startup Alerzo acquires payments platform Shago to boost growth

NIGERIA – Retail-tech startup Alerzo has acquired fintech company Shago Payments as it looks to build on already impressive growth that saw its annualized September transaction volume exceed US$155 million. Founded in 2019, the Ibadan-based Alerzo is an all-in-one technology and services platform that transforms how Nigeria’s informal retail stores operate. Retailers can order stock, have it delivered quickly, receive and make cashless payments, and track store profitability better. Alerzo currently works with more than 150,000 informal retail stores. The startup announced a US$10.5 million Series A round, led by London-based Nosara…

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Equites join forces with Eskom Pension and Provident Fund to acquire US$139.4m DSV distribution center

SOUTH AFRICA  – Equites Property Fund and Eskom Pension and Provident Fund (EPPF) have formed a joint venture to acquire a R2.05 billion (US$139.4 million) DSV distribution center in Gauteng, the first of what the partners believe will become a world-class logistics property portfolio, reports IOL News. Equities said it would hold 51 percent of the shares in the joint venture company and EPPF would hold the remaining 49 percent. Equites’ total equity contribution to the joint venture would be R732 million (US$49.8 million), which it would fund from its…

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Globeleq acquires 66 MWp solar PV plant in Egypt

EGYPT – Africa-focused renewable energy independent power producer Globeleq, has completed the acquisition of the ARC for Renewable Energy S.A.E (ARC) 66 MWp solar PV plant located at the Benban Solar Park near Aswan, Egypt.  The ARC plant was developed by the SECI Energia, Enerray and Desert Technologies consortium as part of the second round of the Egyptian government’s feed-in-tariff program and achieved commercial operation on 4 November 2019 and provides clean electricity to the Egyptian Electricity and Transmission Company (EETC) under a 25-year power purchase agreement. The project was…

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Grit Real Estate to acquire Orbit Africa facility in Kenya

KENYA – Mauritius-based Grit Real Estate Income Group has secured funding of US$31.5 million for the acquisition, expansion, and redevelopment of the Orbit Africa warehousing and manufacturing facility in Nairobi, Kenya. The funding was secured from Mezzanine Partners GP Proprietary Limited and BluePeak Private Capital with backing from an International Finance Corporation (IFC) debt facility. “The total purchase consideration of US$53.6 million will be settled by way of US$25 million in senior debt finance negotiated with the International Finance Corporation, a member of the World Bank Group, and US$28.6 million…

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PE firm Adenia Partners acquires Kenya’s Red Lands Roses

KENYA – Adenia Partners, a private equity firm investing in Africa, has acquired a majority stake in Altilands SA, the parent company of Red Lands Roses, a leading grower of premium fresh-cut roses in Kenya. Red Lands is internationally recognized for its green horticultural practices that respect people and the environment. The financial terms of the transaction were not disclosed. Established in 1996 by an agronomist, Isabelle Spindler, Red Lands operates a farm of 28 hectares, 35 kilometers northeast of Nairobi, at approximately 1,565 meters above sea level. Red Lands’ premium…

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Murray & Roberts acquires JJ White to further its North America expansion

SOUTH AFRICA – Engineering and mining contractor Murray & Roberts Holdings (M&R) is acquiring US multi-trade contractor and engineering firm JJ White Incorporated for US$28.25 million as part of its strategy to diversify and expand the services of its energy, resources, and infrastructure business platform in North America. M&R subsidiary, Clough North America Holding, is acquiring all the shares in JJ White from James White IV and Trusts. “The acquisition builds an immediate robust entry into new territories and new markets and will leverage JJ White’s existing customer base to…

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