Private Equity

(Bloomberg) — Helios Towers Ltd.’s plans to expand following last year’s London share sale may have been waylaid by the coronavirus outbreak, but the Africa-focused company has $350 million primed and ready for when dealmaking can resume. The telecommunications firm raised funds in an initial public offering in October, with the proceeds earmarked to fund an entry into new African markets and add to a portfolio of almost 7,000 towers. “It’s not that talks stalled…

LAGOS (Capital Markets in Africa) – ARCH Emerging Markets Partners’ Africa Renewable Power Fund (ARCH ARPF) today announced its commitment to fund CrossBoundary Energy (CBE) with up to US$16.5M in equity funding to develop and finance new Commercial & Industrial (C&I) solar assets that will provide businesses across Africa with access to cheaper, cleaner power. This commitment represents the first stage of a larger transaction under finalization by CrossBoundary Energy to scale solar for business…

LAGOS (Capital Markets in Africa) – Tembo Power has signed a Joint Development Agreement with Metier, an independently owned private equity fund manager, for its Kaptis project, a 14.7 MW run of a river hydropower project in Kenya, together with its partner WK Construction, a leading contractor in the field of hydropower in sub-Saharan Africa. This agreement now allows the partners to appoint lenders and prepare for financial closing, expected this year, and to start…

LAGOS (Capital Markets in Africa) – Amethis Finance plans to acquire a minority stake in Naivas, a Kenyan retailer looking to expand amid competition from new entrants including Carrefour SA. The Africa-focused investment company’s unit Amethis Fund II agreed to buy 30% of the retailer, subject to regulatory approval, Naivas Chief Commercial Officer Willy Kimani said, declining to disclose the value of the deal. Naivas plans to open as many as eight stores in Kenya annually for the next…

LAGOS (Capital Markets in Africa)  – CDC Group to invest 2 billion pounds ($2.6 billion) in African businesses over the next two years as the U.K.-owned investor looks to double its portfolio on the continent. This is in addition to $400 million of deals already signed off, CDC Group Chief Executive Officer Nick O’Donohoe said in a statement. Those approved transactions include a $100 million trade-finance loan to Johannesburg-based Absa Group Ltd. and an agreement to provide $100…

LONDON (Capital Markets in Africa) – Lekoil Ltd. sank to a record low in London trading after falling victim to an alleged scam, leaving the future of a Nigerian oil project at risk. A loan deal struck earlier this month is no longer valid, the company said, alleging that individuals claiming to be from the Qatar Investment Authority were in fact fraudsters. Lekoil now has until February to raise enough money to cover its drilling costs at…