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Nigeria, S’Afrca, Cote d’lvoire lead $129.7bn M&A deals

World rated financial and investment analyst, Refinitiv, has disclosed that mergers and acquisition deals in sub-Saharan Africa (SSA) in 2021 totaled $129.7 billion with Nigeria, South Africa and Cote d’lvoire leading the transactions.

The figure is more than four times the value recorded in 2020, and the highest full year total since its records began in 1980. According to the Refinitiv 2021 investment banking analysis report for the sub-Saharan Africa, the high dollar value was boosted by the Naspers/ Prosus share swap in May, and Redefine Properties’ offer for the remaining shares in retail property company, EPP, which were worth more than $70 billion.

The number of deals increased 13 per cent from 2020 to a four-year high of 853. According to a statement signed by Tarek Fleihan, Communications, Middle East & Africa, Central & Eastern Europe, London Stock Exchange Group, M&A involving a sub-Saharan African target reached $79.6 billion, again lifted by the share swap to an alltime record annual total, while the number of deals increased 21 per cent over the previous year. “Inbound deals, involving an acquiror outside of sub-Saharan Africa, increased 164 per cent to $20.1 billion, while outbound M&A reached an all-time high of $42.3 billion.” “High technology was the most targeted sector by value in sub-Saharan Africa during 2021, while the materials sector saw the highest number of deals in the region.

“South Africa was the most targeted nation, with $63.7 billion in M&A announcements over the year, equivalent to 80 per cent of total activity recorded in the region. “With advisory work on deals worth a combined $52.1 billion, Morgan Stanley held the top spot in the financial advisor ranking for deals with any sub-Saharan African involvement during 2021,” Refinitiv said. According to the report, an estimated $506.0 million worth of investment banking fees were generated in sub-Saharan Africa during 2021, eight per cent less than in 2020 and the lowest annual fee total in the region since 2014.

“While debt capital markets underwriting fees increased 128 per cent to $150.3 million, the highest full year total since our records began in 2000, fees from equity capital markets underwriting, M&A advisory and syndicated lending all declined from 2020.”

 

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