AfricInvest, a leading pan-African SME-focused private equity firm, is pleased to announce that its AfricInvest Fund II (“AFII”) and AfricInvest Financial Sector (“AFS”) Fund, along with two other investors, Aureos Africa Fund (managed by Abraaj) and Swedfund, entered into an agreement to sell their 37.3% collective stake in UAP Holdings Limited (“UAP”) to Old Mutual Holdings, a wholly-owned subsidiary of Old Mutual plc (“Old Mutual”) for KES 14.2 billion (approximately USD155.5 million).
Old Mutual had previously announced on 9th January 2015 that it had entered into an agreement to purchase 23.3% of UAP from Dr C Kirubi and Centum. With the addition of the newly purchased shares from AfricInvest and the other investors, this will bring Old Mutual’s stake in UAP to 60.7% giving it control, but still retaining strong local shareholding, signifying a strong partnership. The remaining local shareholders include renowned businessman Dr JB Wanjui and industry captain Mr James Muguiyi. The transaction is expected to be completed in the first half of 2015 subject to all regulatory approvals.