Private Equity |

South Africa’s Rand Merchant buys 30 pct stake in UK insurer Hastings

LONDON (Reuters) – South Africa’s Rand Merchant Investment Holdings ramped up its presence in the British insurance market on Wednesday with the purchase of a 30 percent stake in Hastings, driving the UK firm’s shares to 2-1/2 month highs. Hastings, which listed just over a year ago, has made headway in a competitive sector by focusing on selling motor insurance via price comparison websites. Hastings Investco, the firm’s main shareholder, and other individual shareholders are…

A ROBUST YEAR FOR SOUTHERN AFRICAN PRIVATE EQUITY IN 2016

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – In a climate of economic and political instability, private equity in Southern Africa has again had a robust year. The region still accounts for about a third of the African private equity market, with the bulk of deal activity (measured both in terms of value and volume) being centralised in South Africa. “The average deal size for the year across Southern Africa has been around US$250m to US$300m,…

LeapFrog is Raising $800 Million for Africa Deals

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NAIROBI (Capital Markets in Africa) – LeapFrog Investments Ltd. plans to raise $800 million for its latest fund as the private-equity firm seeks stakes in African banks, insurance brokers and payment companies to tap into rising demand among low-income consumers. Overseas Private Investment Corp., the Washington-based development financing unit of the U.S. government, has approved an investment of as much as $200 million in the fund, the buyout company’s third, said Karima Olokun-Ola, a partner at LeapFrog…

IFC and FMO invest in MOBISOL for East Africa Solar Energy deal

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NAIROBI (Capital Markets in Africa) – IFC, a member of the World Bank Group, and FMO, the Dutch development bank have invested in Mobisol GmbH, a pay-as-you-go solar energy service company, to deliver renewable energy solutions to off-grid communities in East Africa. IFC’s equity investment of EUR 5.42 million and EUR 9.2 million from the AEF and MASSIF Dutch government funds managed by FMO brings them into partnership with Investec Asset Management’s African Private Equity…

Standard Bank buys SnapScan maker, Firepay

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JOHANNESBURG (Capital Markets in Africa) – Standard Bank has announced that it has acquired a majority stake in Firepay – the team behind South Africa’s largest mobile payments product, SnapScan. Firepay was formed in 2013 to apply new mobile payments technology to build innovative products. In 2014 Firepay, in partnership with Standard Bank, launched SnapScan to allow customers to pay for goods and services using only their mobile phone. SnapScan is now used by hundreds…

OPIC commits $200 million to two Africa-focused funds

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LAGOS (Capital Markets in Africa) – The Board of Directors of the Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, today approved $700 million in new financing and insurance to support four projects. These private sector-led development projects will invest globally in Asia, Sub-Saharan Africa, and the Middle East in a variety of sectors including energy, financial services, transportation, technology, and telecommunications. “Today, OPIC approved $700 million in support of development projects…

Taaleri to invest in Africa’s real estate

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Finnish private equity fund and financial services group Taaleri Plc plans to invest Sh10 billion ($100 million) in East and South African real estate projects. Taaleri, in partnership with local private equity firm Cytonn Investments, has so far invested about Sh4 billion in the Kenyan real-estate market. The two companies are exploring more investment opportunities in both real estate and renewable energy sectors. “East Africa is the area where…

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