PE Fund AfricInvest acquires a 14.3% stake in Britam

Britam CEO Benson Wairegi

Private Equity Fund AfricInvest III has acquired a 14.30 percent stake in Britam Holdings Plc.

AfricInvest has entered into a conditional share subscription agreement to buy 360, 888, 281 million new ordinary shares of Britam at a subscription price of Ksh 15. 85 per share at Ksh 5.7 billion. Upon the completion of the subscription, AfricInvest will hold approximately 14. 30 per cent stake of the issued ordinary shares of the company.

The proposed acquisition is subject to the relevant regulatory and shareholders approval and will be concluded once the approvals have been received. Britam Plc plans to hold a special general meeting of the shareholders later in the year to seek their approval of the deal.

AfricInvest is a Pan African focused Private Equity fund which manages about One billion dollars in 14 private equity funds. It is a Special Purpose Vehicle (SPV) formed by a consortium of global investors from the Federal Republic of Germany, Netherlands, and France.

Since inception in 1994, AfricInvest has invested in 135 companies across 24 African countries in a variety of high growth sectors including financial services, agribusiness, consumer/retail, education and healthcare. Its most recent investments in the insurance industry are UAP Holdings (East Africa), Mansard Holdings (Nigeria) GAT Assurance (Tunisia) and UAB Life (Burkina Faso).

The move comes less than a week after the IFC, the investment arm of the World Bank, completed the acquisition of a 10% shareholding in Britam for Ksh  3.6 Billion. IFC first announced its intention to acquire 224 million shares, at KES 15.85 per share, in January 2017.

Britam says it plans to use the proceeds to support its businesses across the region.