Wednesday, March 20, 2019 UTC

AGF Magazine - March 2019 issue

  • We focus on fixed income opportunities in both public and private markets. Read on to find in which fixed income instruments and in which African markets to invest on pp. 10-11. In addition, Ashley Benatar of Ashburton Investments shares his views on benefits and risks of investing in mezzanine debt on p.22.
  • We speak with Jérémie Ceyrac, Head of Equity, Responsible Investments at Proparco to learn more about the French development institution, financial products on offer, recent investments in Africa and African impact investment scene (pp. 13-15).
  • This month’s market feature focuses on Nigeria. Sven Richter, Fund Manager, Drakens Capital, writes about his recent trip to the West African country and his observations. “While Nigeria is attractive as an investment destination, the GDP growth is a disappointment for a county that we expect to be one of the leaders in Africa,” he says (pp. 16-17).
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News > Private Equity > Exits

Wendel sells its stake in Saham Group

Africa Global Funds
March 20, 2018, 4:33 p.m.
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Word count: 212

Wendel, one of Europe's leading listed investment firms, has disposed its stake in Saham Group’s holding for $155m. 

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Wendel, one of Europe's leading listed investment firms, has disposed its stake in Saham Group’s holding for $155m. 

The transaction is concomitant with an agreement signed on March 7, 2018 whereby Saham Group sells its insurance division (Saham Finances) to Sanlam, a South African financial services group in the African continent. 

Sanlam has been a shareholder in Saham Finances for the past three years and has held until recently 46.6% of the capital. 

The sale of Wendel’s stake is subject to the closing of the transaction between Saham Group and Sanlam, which should be completed in the second half of 2018.

Wendel gets also an earn-out, equivalent to 13.3% of capital gains, on any disposal of the remaining businesses of Saham Group (Customer relationship centers, Real estate, Healthcare and Education) occurring in the next 24 months at a valuation greater than certain pre-defined thresholds.

Wendel invested €100m in the holding company in 2013 for 13.3% of the capital, to finance Saham’s African growth and diversification.

Since 2012, Wendel has invested more than $1bn in Africa through four companies. 

Its portfolio includes IHS, Africa's leading independent telecom towers company, Tsebo, the pan-African leader in business services, and PlaYce (formerly SGI Africa), a pioneer in African commercial real estate.
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