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Corporate deals

Mergers and Acquisitions, deal making, takeovers

Andela raises $40million in Series C financing to aggressively expand, double talent pool Andela has raised an additional $40 million in a third venture capital funding round, bringing its total capital raise to $80 million. The new investment announced on Tuesday was led by CRE Venture Capital, a South African...
Ferratum Group has announced the launch of a microloan scheme in partnership with payment processor Interswitch. Intwerswitch will be partnering with 5 banks in the country, and three credit providers including Ferratum to provide microloans between N1000 to N10,000 to Interswitch customers. Interswitch CEO, Mitchell Elegbe, had in a...
CEO and founder of Dangote Industries, Alhaji Aliko Dangote, yesterday had talks with Francine Lacqua at the Bloomberg Global Business Forum at the Plaza Hotel in New York City. When asked about latest acquisitions, Dangote confirmed that he is looking at acquiring South Africa’s PPC (a cement producing company). He...
Dangote Cement may be in for a bidding war as Canada’s Fairfax Africa investments has signaled its intentions to raise its bid offer for South Africa’s PPC Cement. PPC had rejected an earlier bid of $738 million from Fairfax, calling it low. Dangote Cement, on Friday confirmed its interest in...
German insurance giant Allianz has acquired a 98% stake in Ensure insurance. Terms of the deal where however not disclosed. Two other firms Wapic Insurance Plc and Hollard of South Africa had recently indicated an interest to acquire the company. Why the move The Nigerian insurance industry has several small players...
Caverton Helicopters Limited, a subsidiary of Caverton Offshore Support Group Plc. has secured a contract from Chevron Nigeria Limited (CNL), for provision of aviation services with a two year renewable option. Under the term, “Caverton will service this contract with 11 Bell manufactured helicopters in line with CNL’s requirement. It will...
Maersk Oil, a Danish oil and gas company owned by the A. P. Moller-Maersk Group, is set to sell off its oil and gas division to Total for $7.45 billion. This sale is being made by A. P. Moller-Maersk Group to Total to achieve its goal in stopping  all...
The Chief Executive of Nigeria’s Zenith Bank, Peter Amangbo said on Monday that the bank has made a provision on 30% of its loan to 9mobile, the country’s fourth largest telecoms group formerly known as Etisalat Nigeria. We have taken about 30 percent ... as a provision which we believe...
iflix , the world’s leading Subscription Video on Demand (SVoD) service for emerging markets, today announced it has completed a $133 million funding round as it continues to deliver on its vision of bringing the world’s best entertainment to its audiences. The funding round, which attracted significant interest from both...
The board of directors of Lafarge Africa has approved the commencement of a merger with United Cement Company (UNICEM) and Atlas Cement Company (ATLAS). This was contained in a press release published on the website of the Nigerian Stock Exchange in Friday,  4th of August 2017. Lafarge owns 100% stake in...
Flutterwave Inc. recently announced to its community that it has secured a new capital of $10 million from Greycroft Partners, Green Visor, Y Combinator and Glynn Capital. According to the company, the new capital will be used to hire more talent, build out its global operations and fuel rapid expansion of...
Nigerian based Private Equity firm, Verod Capital Management has acquired a "minority" stake in Greensprings, one of Nigeria's leading private schools. This was made known in a press release issued by the company. Greensprings is a high-end private school in Lagos, Nigeria and attracts kids from Nigerians in the middle...
FBN Holdings Plc on Thursday announced its unaudited results for the six months ended 30 June 2017. Here are key highlights of the results Income Statement Gross earnings of N288.8 billion, up 7.8% year-on-year (y-o-y) (Jun 2016: N267.9 billion) Net-interest income of N164.1 billion, up...
In a notice sent to the Nigerian Stock Exchange (NSE) this week, Flour Mills Nigeria (FMN) announced the acquisition of an additional 5% stake in ROM Oil Mills. The company’s stake in the firm is now 95%, while the Shahimi family who were the founders hold 5%. Flour Mills...
In a press release to investors and the general public, UK based Prudential Plc has announced the acquisition of a significant stake in Zenith Life insurance, a subsidiary of Zenith bank. Both parties have also begun a bancassurance relationship. Bancassurance is an arrangement whereby an insurance company sells its...
Even though both parties are yet to issue a formal statement, sources close to South Africa based MTN communications have confirmed that discussions between itself and Multichoice Africa are still on-going. MTN intends to acquire Multichoice Africa. Here is a summary of the progress made so far. Talks between MTN...
Back in February, 2017 Nairametrics analysts reported heavy trades on the Nigerian Stock Exchange for Staco Insurance, a company that hitherto had next to no liquidity. It aroused our suspicion that a major deal was in the offing. We now have evidence. Staco Insurance Plc has just completed a N1.6...
Nairametrics| E-commerce Company, Yudala has continued the growth of its offline market presence with the acquisition of Yes Mobile, a cosmopolitan high-value retail outfit with several stores in Lagos. The deal, which will see Yes Mobile outlets wear the Yudala insignia, will increase significantly the offline presence of Yudala. This...
Nairametrics|Dangote Flour Mills on Tuesday, announced that it has exited its noodles business and has sold the assets of Dangote Noodles to Dufil Prima Foods, makers of Indomie noodles. The company said that a business portfolio review revealed that the noodle business was not strategic to its vision. Billionaire businessman,...
PRESS RELEASE: LAGOS, Nigeria, 11 April, 2017-/African Media Agency (AMA)/- Africa Finance Corporation ('AFC'), a leading pan-African multilateral development finance institution and project developer, has issued a US$500 million 7 year Eurobond. The senior, unsecured Eurobond which carries a coupon of 3.875% was priced to yield 4.000% and matures...
Nairametrics| The Asset Management Corporation of Nigeria has announced the sale of Keystone Bank Plc (formerly Bank PHB). The bank was sold to Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited (the Sigma Golf-Riverbank consortium) for a sum of N25 billion. AMCON did not officially disclose the purchase consideration. Here...
Nairametrics | The internet revolution in Nigeria has been a massive catalyst for the economic development of Nigeria. It gave rise to an online consumer economy that is being serviced an emerging e-finance industry. Presently, 99% of all transactions in Nigeria are done with cash. This presents an enormous opportunity...
Nairametrics| Silvertree has acquired Nigeria’s TopCheck, forming Africa’s largest price comparison group TopCheck is Nigeria’s leading price comparison site for financial services offering free online comparison for insurance products, loans, and broadband internet plans. The website recorded fast growth in 2016, processing up to 3 billion Naira (10 million USD) in...
Nairametrics| Standard Alliance Insurance Plc, has formally merged with its sister company, Standard Life Assurance, to become one big insurance company, underwriting life and non-life insurance businesses. The new company to be known as Standard Alliance Insurance Plc will have a shareholders fund of N6.392bn and asset base of N13.651bn. The...
Nairametrics| Omni Helicopters International, a Brazilian based company has signed a joint venture partnership worth over $20 million with Omni Blu Aviation Limited  of Nigeria. The deal ushers in the development of Omni Helicopters Nigeria (OHN). According to media reports, Omni Helicopters is expected to hit the Nigeria’s airspace "in...
Nairametrics| Procter and Gamble has sold its Ibadan Healthcare Plant to Elixir Global Manufacturing Food Limited, a Nigerian entity operating under the Chanrai Summit Group, and a sister company of Fareast Mercantile Co Ltd. Elixir Global also confirmed the deal saying that it had made a 100 % acquisition...
Africa's largest GSM Network, MTN Group has said that it will exchange its 51% interest in Nigeria Tower Interco BV, for an additional shareholding in IHS Holding Limited. The deal will see MTN now own 20% of IHS up from 15% before...
Nairametrics| Guinness Nigeria Plc has finalized plans to seek shareholder approval to raise N40 billion via a rights issue. The company hopes to secure shareholders approval at an Extra Ordinary Meeting scheduled for the 23th of January 2017. Nairametrics will be tweeting live from the EGM. Guinness hopes to use...
Nairametricsǀ Helios Investment Partners LLP, a premier Africa-focused private investment firm has announced the purchase of 49% voting rights in the Oando’s midstream business subsidiary, Oando Gas and Power Limited. The purchase was enabled through a special purpose vehicle, Glover Gas & Power B.V. Co-founder and Managing Partner of Helios...
In one of the largest deals in Africa this year, Coca Cola has bought a majority stake in Coca-Cola Beverages Africa (CCBA) for $3.5 billion (over N1.4 trillion). According to Reuters, worlds largest brewer Anheuser-Busch InBev agreed to sell its majority stake in Africa's largest Coke bottler to the Coca...