By Ivan Anderzhanov in Moscow
Investment bank Renaissance Capital has notched up its 14th deal in Africa this year after advising the Central African Mining and Exploration Co. (CAMEC) following its acquisition by ENRC, an LSE-listed Kazakh mining group.
The $955m deal in the mining sector is the largest public transaction on which Renaissance has advised on in Africa this year.
CAMEC is listed on AIM and holds copper assets in Congo and other mining assets in Mali, Mozambique and Zimbabwe. ENRC now owns or has received valid acceptances in respect of 2,637,411,577 CAMEC shares, representing approximately 91.65% of the entire issued share capital of CAMEC.
Andrew Cornthwaite, head of investment banking at Rencap, said: “This transaction between a CIS-based strategic buyer and an African mining asset epitomises Renaissance Capital’s strength as a leading investment banking group across the emerging EMEA region. It demonstrates our unique ability to add value in cross-border, highly complex M&A situations where our industry expertise and footprint in both the CIS and Africa are of strategic importance.”
This is the fourteenth deal completed by Renaissance Capital so far this year in Africa. Recent transactions include the A$85m ($79m) follow-on offering for Sundance Resources out of Cameroon, a $105.5m follow-on offering for African Minerals out of Sierra Leone, and a string of other deals in Nigeria, Kenya, Zambia, Ghana and Zimbabwe.
Other African deals have included a bond issue for Nigeria’s Niger State, ECM deals for Zambia Sugar and CAL Bank in Ghana, acquisition of a bank in Tanzania, and the sales of an agricultural asset in Zambia and a manufacturing facility in Nigeria.
