Publicly announced deals since the beginning of the year

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By The EastAfrican

Posted  Saturday, September 14   2013 at  15:56


Deal: International Finance Corporation (IFC) invests in Kenya-based greenfield real estate, the Actis’s Garden City
Value: $9.8m
Date: May

International Finance Corporation (IFC) invested $9.8 million in the Kenya-based greenfield real estate, the Actis Garden City located on Thika Road. The mall will house a 50,000 square metre retail centre, over 420 apartments and town houses, commercial offices and a stunning three acre central park open to all. It is being built on a 32-acre piece of land. The Garden City project has been recognised as a flagship of Vision 2030. Garden City will also be the first LEED (Leadership in Energy and Environmental Design) certified retail mall in East Africa, translating into lower water and electricity bills for tenants and residents, he said. Its power source will be a 1MW solar power generation plant.

Deal: Pan Africa Insurance acquire Sanlam Asset Managers Kenya
Date: September
Value: Unknown

Pan Africa Insurance concluded its acquisition of Sanlam Asset Managers Kenya in a phased acquisition that started in 2008. The asset manager, which is now a wholly owned subsidiary of the insurer, will manage funds mobilised through its life business. The acquisition will also enable Pan Africa to distribute additional products such as unit trusts, thus increasing its fee income.

Deal: CIC announces subsidiary in South Sudan to partner with the government
Value: unknown
Date: March

CIC will have a 69 per cent shareholding while the Co-operative Bank of South Sudan will acquire the remaining 31 per cent. The expansion into Uganda will result in the acquisition of a 40 per cent associate stake in an insurance company to be formed with the Uganda Co-operatives Savings and Credit Union.

Deal: Private equity fund Actis sells a 45.02 per cent stake to the Norwegian Investment Fund for Developing Countries and Rabo Development BV through the USE
Value: Ush111.9b ($43.2m)

NORFUND purchased a 17.48 per cent stake, increasing its shareholding to 27.54 per cent while the subsidiary of Rabobank of Netherlands purchased the other 27.54 per cent, leaving Actis with only 15 per cent of dfcu Ltd.
Transaction advisors: African Alliance and CfC Stanbic Financial Services Uganda

Deal: Dimension Data Plc makes bid for AccessKenya
Value: Ksh3.05b ($36.4m)

Dimension Data Plc proposed to buy AccessKenya for Ksh14 ($0.17 or R1.50) per share, which is a premium of 42 per cent, compared with the closing price of Ksh9.85 ($0.12) at the NSE on May 3. Three directors, David Somen, Jonathan Somen and Michael Lewis Somen, who hold a combined 30.3 per cent stake or 66.05 million shares, stand to make Ksh924.7 million ($11 million). As at the close of last year, AccessKenya had 218 million shares and 28,288 shareholders.
Transaction advisors: Lead financial advisor is Pamoja Capital, financial advisor and sponsoring stockbroker is Standard Investment Bank and the legal advisor is Coulson Harney

Deal: Jamii Bora restricted bond offer
Value: Ksh1b ($11.46m)
Date: July

The bond is paying interest at 13.3 per cent per annum every six months. The five-year bond, which comes with an option of early redemption after three years, has a 50 per cent guarantee from Africa Guarantee Fund, which is a subsidiary of Africa Development Bank. It became tradable on the over-the-counter market beginning August 26 The issue was oversubscribed by 2 per cent.
Transaction advisors: Standard Investment Bank and Faida Investment bank were the joint arrangers, placing receiving and fiscal agents; Mayfair Centre was the bond guarantor, Walter Kantos Advocates was the legal advisor, Deloitte and Touche was the auditor and Ropat Trust Company was the bond trustee. 

Deal: Al-Futtaim Group to acquire CMC Holdings
Value: Ksh7.5b ($86.67m)
Date: September

Al-Futtaim Group on September 9 announced that it intends to make a bid for all the 582.7 million CMC Holdings shares through a cash offer at Ksh13 ($0.15).
Transaction advisors: EFG-Hermes, an investment bank 

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