Sanlam's acquires minority stake in African Rainbow Capital Financial for $218m, Omnisient's $7.5m fundraise, Egypt's €165m sovereign loan.

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In today’s email:

• Sanlam to acquire 25% Stake Tyme Bank's Holding Company
• Dangote Refinery set to begin production of petrol
• Other Snippets: Egypt secures €165 million Loan from the European Bank for Reconstruction and Development
• GPs and LPs Activities
• The Termsheet: Notable Deals of The Week

M & A

Sanlam To Acquire 25% Stake In?Tyme Bank's Holding Company for $218million.

Sanlam, one of Africa's largest insurance companies and South Africa's largest insurer, plans to acquire a 25% equity stake in African Rainbow Capital Financial Services.

Why is it important: African Rainbow Capital Financial Services Holdings invests in several interesting assets, including TymeBank, AI Fund, CrossFin Holdings, and Ooba. The company is backed by billionaire Patrice Motsepe. TymeBank, in particular, offers innovative banking services aimed at both the lower-income market segment and is shaking up the traditional banking industry. The digital bank is on track to become a unicorn.

The bottom line: This new investment can potentially increase African Rainbow Capital Financial Services Investments' valuation and provide crucial funds to expand Tyme Bank's digital presence. It also allows Sanlam to utilise Tyme Bank's distribution capabilities to better serve its customers and attract new ones.

MARKETS

Dangote Refinery Set to Begin Production of Petrol, Marking a Landmark Achievement.

The Dangote Refinery, the largest oil refinery in Africa, is on the verge of a significant milestone with the?commencement of petrol at commercial scale.

Why is this important: This is of?crucial significance due to its considerable refining capacity of 650,000 barrels per day. The refinery was?primarily underwritten by private capital, enabling it to satisfy Nigeria's domestic oil requirements. Presently, Nigeria heavily relies on oil imports owing to the underperformance of its refineries. This results in?heightened demand for foreign currency to facilitate these imports, has consequently placed strain on the Naira and the country's financial reserves.

The bottom line: The Dangote Refinery project exemplifies the remarkable outcomes attainable through private capital and entrepreneurial acumen, even within challenging economic landscapes. Despite being long overdue, the refinery's projections underscore its potential to cater to domestic and regional demand.

SNIPPETS??

• According to Nigeria's Debt Management Office (DMO), investors invested $389 million in the country's recently auctioned oversubscribed fixed-income instruments.
• The New Development Bank (NDB), established by the BRICS states, is set to provide $2.3 billion (ZAR 41 billion) in funding to South Africa. This funding will support ten renewable energy projects, including solar PV, onshore and offshore wind, hydropower, biomass, and hybrid systems with storage.
• The European Bank for Reconstruction and Development (EBRD) has approved a significant €165 million sovereign loan to Egypt to improve its energy infrastructure.

GPs & LPs Activities

• Infinite Partners, the South African private equity manager has exited its investment in Synerlytic to Bidvest the South African trading, and distribution company.
• Sanofi Impact Fund a part of the Sanofi Global Health Unit has made an investment in Kasha the e-commerce platform for healthcare products.
• Gulf Capital the UAE private equity firm has exited its entire strategic stake in Egypt-listed Middle East Glass S.A.E. (MEG) to the majority shareholder of the business, MENA Glass Holdings Limited.
• FMO, the Dutch development bank has made a $1.3 million investment in Tagaddod, the Egyptian start-up offering filtering services for used cooking oil from restaurants.

THE TERMSHEET

M&A

• Wasoko and MaxAB, Africa's leading e-commerce brands, have finalised Africa's largest tech merger, positioning them to target the continent's growing retail sector.

Technology

• Sukhiba, the Kenyan-based commerce and CRM platform, has raised $1.55 million in seed funding to support its expansion across Africa and other emerging markets.
• Omnisient the South Africa-based Data Collaboration Platform has secured $7.5 million in Series A funding to fund its expansion across Africa and beyond.
• Chpter, an AI commerce platform has secured $1.2 million in pre-seed funding led by Ken Njoroge of Pani, co-founder of Cellulant, with participation from Techstars, Plesion Capital,Renew Capital, Norrsken, Viktoria Ventures, and angel investors, including Workpay co-founders Paul Kimani and Jackson Kibigo and NALA founder and CEO Benjamin Fernandes.

Industrial

• Ampersand the Rwanda-based EV energy tech company has raised an additional $2 million with now a total funding of $21.5million in a combination of debt and equity.

Financial Services

• Kredete,?a fintech company that offers mobile banking and credit services, has successfully raised $2.25 million in seed funding.
• Hubz2, a fintech company focused on francophone Africa, which provides mobile wallet and payment services, has secured a €2.4 million investment from FMO, the Dutch entrepreneurial development bank.

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