Egypt's Beltone Holding Completes ~$235m Acquisition of Pan-African Lender Baobab
Beltone finalised its acquisition of Baobab Group for about EUR197.6m, its largest deal and first cross-border acquisition, gaining an immediate presence across seven sub-Saharan African markets.
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Beltone Holding said it had completed the acquisition of Baobab Group, a financial-inclusion lender, for roughly EUR197.6m (about $235m). The transaction, the Egyptian firm's largest to date and its first cross-border acquisition, was struck with Baobab shareholders including Apis Partners.
The deal gives Beltone an immediate footprint in seven sub-Saharan African countries, including Senegal, Cote d'Ivoire, Nigeria and Madagascar. Baobab serves around 1.6 million customers and manages a gross loan book of about EUR849m.