54 deals. $27+ billion. This is what Africa's M&A market actually looks like right now.
And the patterns tell a story that the headlines keep missing.
🛢️ Nigeria's oil industry just changed hands.
Shell, ExxonMobil, Equinor, and TotalEnergies have all divested their onshore Nigerian assets to Renaissance, Seplat, Oando, and (pending) Vaaris. Combined value: north of $5 billion. This isn't a divestment story. It's the wholesale transfer of one of Africa's most valuable industries back to African operators, driven by the Petroleum Industry Act and a decade of quiet capacity-building by indigenous players. The IOC era in Nigerian onshore is over.
⛏️ Critical minerals are the second-biggest story, and the quietest.
9 mining deals in our tracker. Copper in Zambia (Mopani $1.1B, Lubambe $300M, Kitumba, Cobre Botswana). Lithium in Mali (Ganfeng $342M). Iron ore in Guinea (Baowu/Simandou). Gold in Ghana (Zijin $1B) and Egypt (AngloGold $2.5B). The buyers? Almost exclusively Chinese and Gulf state capital. BHP just signed an earn-in in Botswana. Western investors are still writing ESG frameworks. Everyone else is signing term sheets.
🏦 One African bank is quietly building a continent-wide empire.
Access Bank closed 3 deals in 18 months: NBK Kenya ($102M), StanChart Tanzania, AfrAsia Bank Mauritius. Then had its South Africa play (Bidvest) collapse at the final regulatory hurdle in January 2026. Pan-African banking consolidation is real, but the regulatory gauntlet is just as real.
🎬 Media, beverages, and consumer goods are reshaping who controls African wallets.
Canal+ swallows MultiChoice for $3.17B, the continent's largest ever media deal. Coca-Cola HBC moves to consolidate its African bottling for $2.6B. Tolaram takes Guinness Nigeria from Diageo. The common thread: global consumer giants are either doubling down or walking out, and African and regional players are stepping into the gaps they leave.
🌍 Egypt is the continent's most active dealmaking arena right now.
AngloGold/Centamin ($2.5B), Emirates NBD/Banque du Caire ($1.1B+), TMG/Legacy Hotels ($800M), multiple QatarEnergy block acquisitions, Dubizzle/Hatla2ee.
The full tracker: all 52 deals, with sources, methodology, and estimated values flagged, is provided below.
TABLE 1: CLOSED DEALS (42 deals) | |||||
Sector | Deal | Target / Asset | Country | Value | Status |
Agriculture | Presco → GOPDC (remaining 48%) | Ghana Oil Palm Development Co (100%) | Ghana | $124.9M total; ~$60M balance via rights issue | Closed January 2026. Presco now 100% owner. Funded via December 2025 rights issue (NGN 237B, 103% subscribed). |
Fintech | Flutterwave → Mono | Mono open banking platform | Nigeria/Pan-Africa | ~$50M* | Closed 2025. African payments giant acquiring open banking infrastructure to deepen product suite. |
Telecoms | Vodacom → Maziv (30% stake) | 30% stake in Maziv fibre | South Africa | R11.5B (~$630M) | Closed December 3, 2025. Major South African fibre infrastructure deal, expanding national broadband access. |
Oil & Gas | Bonga/OML118 → SNEPCo + Agip | Bonga deepwater + OML118 stakes | Nigeria | $510M | Closed November 25, 2025. SNEPCo acquired 10% ($408M); Nigerian Agip exercised pre-emption on 2.5% ($102M). |
Retail | Shoprite Ghana → Brands For All | 7 Shoprite hypermarkets (Ghana) | Ghana | Not disclosed | Closed November 2025. Shoprite's exit from Ghana's grocery market. Brands For All, operator of Decathlon and Yves Rocher in Sub-Saharan Africa, acquires all 7 stores. Carrefour subsequently signs franchise agreement with Brands For All to rebrand stores under the Carrefour banner; first rebranding expected April 2026. Marks Carrefour's first entry into anglophone West Africa. |
Oil & Gas | QatarEnergy → North Rafah Block (from Eni) | 40% stake in North Rafah offshore block | Egypt | Not disclosed | Closed October 2025. Egyptian government approved. Eni retains 60% operatorship. 3,000 sq km Mediterranean block. QatarEnergy now holds stakes in 6 offshore blocks in Egypt. |
Entertainment | Canal+ → MultiChoice Group | 100% MultiChoice (DStv, GOtv) | South Africa | $3.17B | Closed September 22, 2025. Biggest media deal in African history. JSE delisting December 2025. Showmax shut down March 2026. Canal+ targeting EUR 400M cost synergies by 2030. |
Oil & Gas | Vitol → Eni (Baleine + Congo LNG) | 30% Baleine field (Côte d'Ivoire) + 25% Congo LNG | Côte d'Ivoire / Congo | $1.65B | Closed September 25, 2025. Vitol acquires two upstream stakes from Eni in a single transaction. Baleine is Côte d'Ivoire's largest offshore discovery; Congo LNG is a strategically significant liquefaction project. Largest francophone Africa deal in the tracker. |
Mining | Zijin Mining → Akyem Gold Mine (Newmont) | 100% Akyem Gold Mine, one of Ghana's largest | Ghana | $1.0B | Closed April 16, 2025 (announced October 2024). $900M paid at close; $100M on Ghana Parliamentary lease ratification (August 2025). Zijin's 7th gold acquisition since 2020. |
Banking | Access Bank UK → AfrAsia Bank | 76% AfrAsia Bank | Mauritius | ~$250M* | Closed July 24, 2025. AfrAsia total assets $5.7B. Strengthens Access Bank's Indian Ocean and wealth management presence. |
Banking | Access Bank → NBK Kenya | 100% National Bank of Kenya (from KCB) | Kenya | $102M | Closed June 2025. CBK approved April 2025. Significantly expands Access Bank's Kenyan retail footprint. |
Banking | Access Bank → StanChart Tanzania | Consumer, Private & Business Banking | Tanzania | ~$20M* | Closed June 2025. Part of Standard Chartered's global retail exit strategy. Access Bank now in 24 markets across 16 African countries. |
Mining | Mopani Copper → Delta Mining (UAE/IRH) | 51% Mopani Copper Mines | Zambia | $1.1B | Closed May 2025. Financial close March 20, 2024. UAE-backed acquisition of Zambia's largest copper mine. |
Oil & Gas | Shell Nigeria → Renaissance | Shell Petroleum Dev Co (SPDC JV) | Nigeria | ~$2,400M* | Closed March 2025. IOC exit driven by PIA 2021. Renaissance now operator. Production doubled to 230k bpd within months of takeover. |
Tech/Classifieds | Dubizzle Group → Hatla2ee | Hatla2ee online automotive marketplace | Egypt | ~$30M* | Closed February 2025. UAE classifieds unicorn acquires Egypt's #1 car marketplace (2M+ monthly visitors). Dubizzle already operates dubizzle and Bayut in Egypt. Strengthens automotive vertical. |
Oil & Gas | Equinor Nigeria → Chappal | Equinor Nigeria Energy Co | Nigeria | ~$1,200M* | Closed 2025. Part of Nigeria's ongoing IOC indigenization wave under PIA 2021. |
Mining | Altona Rare Earths → Sesana Project | 85% Sesana Copper-Silver | Botswana | ~$3M* | Closed 2025. UK-listed rare earths company expanding African critical minerals footprint. |
Telecoms | AXIAN → Wananchi Group | Zuku/Simbanet (Kenya/Tanzania) | Kenya/Tanzania | $63M | Closed 2025. Madagascar-based AXIAN expanding East Africa telecoms and broadband presence. |
Agriculture | Saroafrica → SIAT N.V. (Presco majority) | SIAT N.V. Presco majority stake | Nigeria | Not disclosed | Closed 2025. |
Manufacturing | Hop Lun → Tobago + Chantelle Morocco ops | Tobago (Casablanca) + Famaco/Atma manufacturing facilities | Morocco | ~$40M* | Closed Q4 2025. Hong Kong apparel giant (world's largest intimate apparel maker) acquiring two Casablanca garment manufacturers. Creates major Morocco manufacturing platform serving European luxury brands. |
Fintech | LemFi → Bureau Buttercrane | Irish FX platform | Ireland/EEA | ~$5M* | Closed 2025. Nigerian fintech acquiring European FX license to strengthen diaspora remittance corridors. |
Fintech | Roqqu → Flitaa crypto | Flitaa crypto platform | Kenya/4 countries | ~$3M* | Closed 2025. Nigerian crypto exchange expanding East Africa footprint across 4 markets. |
Fintech | BAS Group → Zuvy | Majority stake in Zuvy | Nigeria | $1.5-3M (est) | Closed 2025. |
Fintech | Stitch → ExiPay | ExiPay payments | South Africa | ~$8M* | Closed 2025. |
Food Tech | Chowdeck → Mira POS | Mira restaurant management | Nigeria | Not disclosed | Closed 2025. Nigerian food delivery platform consolidating restaurant tech stack. |
Mobility | Moove → Kovi Brazil | Kovi Brazil mobility platform | Brazil | ~$15M* | Closed 2025. African mobility company expanding to Latin America via Brazilian acquisition. |
Proptech | Nawy → SmartCrowd Dubai | Majority SmartCrowd Dubai | Dubai/UAE | ~$10M* | Closed 2025. Egyptian proptech acquiring Dubai-based fractional property investment platform. |
Oil & Gas | ExxonMobil → Seplat | Mobil Producing Nigeria (MPNU) | Nigeria | $1.28B | Closed December 13, 2024. 2.5-year regulatory process. NUPRC approval secured October 2024. Largest indigenous E&P acquisition in Nigerian history. |
Mining | Patriot Lithium → Kitumba Copper | 90% Kitumba License | Zambia | ~$1M* | Closed December 2024. Australian junior acquiring Zambian copper exploration license. |
Mining | AngloGold Ashanti → Centamin | 100% Centamin plc (Sukari Gold Mine, Egypt's largest) | Egypt | $2.5B | Closed November 22, 2024. Cash-and-share deal. Sukari produces 450,000 oz gold/year. Makes AngloGold world's 4th largest gold producer at 3.1M oz/year. Shareholders: AngloGold 83.6%, ex-Centamin 16.4%. |
Oil & Gas | QatarEnergy → North El-Dabaa Block (from Chevron) | 23% stake in North El-Dabaa (H4) offshore block | Egypt | Not disclosed | Closed November 2024. Mediterranean block, 10km offshore. Chevron retains 40% as operator. Woodside holds 27%, Tharwa 10%. Drill program started late 2024. |
Healthcare | Mubadala → KELIX bio | 100% KELIX bio, pan-African specialty pharma platform (subsidiaries in Egypt, Morocco) | Egypt/Morocco/Pan-Africa | Not disclosed | Closed October 2024. Sellers: DPI, BII, EBRD. Described as one of the largest PE exits in African pharma in 20 years. KELIX bio has manufacturing in Egypt, Morocco, India, Malta; products exported to 50+ countries. Mubadala is Abu Dhabi sovereign investor with $276B AUM. |
Beverages | Tolaram → Guinness Nigeria | 58% stake from Diageo | Nigeria | NGN 104B (~$100M) | Closed September 2024. Diageo exits majority ownership of Nigerian brewing operations to local conglomerate Tolaram. |
Oil & Gas | NAOC → Oando | Nigerian Agip Oil Co (from Eni) | Nigeria | $783M | Closed August 2024. Pan-African IOC exit. Oando now operator of former NAOC assets across the Niger Delta. |
Oil & Gas | TotalEnergies → Aradel (Olo fields) | Olo & Olo West marginal fields | Nigeria | $19.5M | Closed August 2024. Separate from SPDC JV stake. Aradel acquired 100% of Olo and Olo West marginal fields. |
Mining | JCHX Mining → Lubambe Copper Mine (EMR Capital) | 70% Lubambe Copper Mine (Zambian govt retains 30%) | Zambia | $300M investment | Closed July 10, 2024. JCHX paid nominal $1 for 80% stake from EMR Capital, absorbing $857M debt. ZCCM-IH later acquired extra 10% bringing JCHX to 70%. $300M capex committed to restore and expand output. |
Mining | Marula Mining → Mansera Cobalt | 51% Mansera Cobalt | South Africa | ~$2M* | Closed July 2024. Kenyan-listed miner expanding cobalt exposure in South Africa. |
Mining | Baowu Steel → Simandou | Iron ore stakes in Simandou | Guinea | Not disclosed | Closed June 2024. China's largest steel group securing long-term iron ore supply from world's largest untapped iron ore deposit. |
Mining | Ganfeng Lithium → Goulamina Mine | Goulamina lithium mine stake | Mali | $342.7M | Closed May 2024. Chinese critical minerals consolidation ahead of EV supply chain buildout. |
Oil & Gas | QatarEnergy → Cairo & Masry Blocks (ExxonMobil farm-in) | 40% stake in Cairo & Masry offshore exploration blocks | Egypt | Not disclosed | Closed May 2024. Subject to Egyptian government approval. ExxonMobil retains 60% operatorship. Part of QatarEnergy's multi-block Egypt expansion strategy. |
Hospitality | TMG/ICON → Legacy Hotels | 51% of 7 state-owned heritage hotels | Egypt | $800M | Closed February 2024. Part of Egypt's state privatization program. Hotels include Marriott Mena House Cairo, Sofitel Old Cataract Aswan, Sofitel Winter Palace Luxor. Adds 2,500 rooms to TMG's portfolio. Co-owned with Sovereign Fund of Egypt. |
Entertainment | Universal Music → Mavin Global | Mavin Global Holdings | Nigeria | ~$175M* | Closed 2024. Global music major acquires Nigeria's leading music company, home to Rema and Ayra Starr. |
TABLE 2: PENDING DEALS (9 deals) | |||||
Sector | Deal | Target / Asset | Country | Value | Status |
Mining | BHP → Cobre Botswana (earn-in) | 75% stake in Kitlanya East & West copper projects, Kalahari Copper Belt | Botswana | $25M committed | Earn-in agreement signed March 2025. BHP commits up to $25M (A$40M) for 75% of Kitlanya East & West. Initial $5M within 2 years; $7M Phase 1 budget. Follows BHP Xplor partnership in 2024. Exploration began April 2025. |
Oil & Gas | TotalEnergies → Vaaris (Renaissance JV) | 10% non-operated stake in Renaissance JV (18 licenses) | Nigeria | ~$800M (est) | Announced January 14, 2026. New buyer following Chappal collapse (Sep 2025). SPA signed. NUPRC regulatory approval still required. Vaaris incorporated December 2025. |
Telecoms | Vodacom → Safaricom (35%→55%) | 15% from Kenya Govt + 5% from Vodafone | Kenya | $2.4B | Announced December 2025. COMESA approved March 3, 2026. EAC Competition Authority review ongoing (first case under EAC Competition Act, Nov 2025). National approvals pending in Kenya, South Africa, and Ethiopia. |
Healthcare | Akdital → Taoufik Hospitals Group | 100% Taoufik Hospitals Group ,4 hospitals, 600 beds | Tunisia | $90M | Pending. MOU signed December 23, 2025. Subject to regulatory approval. THG had 2024 revenue >$45M, 35% EBITDA margin. Akdital operates 41 hospitals in 24 Moroccan cities (4,111 beds); simultaneously acquiring in Saudi Arabia and building in Dubai. |
Beverages | Coca-Cola HBC → CCBA | 75% stake in Coca-Cola Beverages Africa (14 countries) | Pan-Africa | $2.6B | Announced October 21, 2025. Target close end 2026. Subject to regulatory and antitrust approvals across 14 markets. Coca-Cola HBC to pursue secondary JSE listing post-close. |
Telecoms | AT Ghana + Telecel Ghana merger | AT Ghana (100% equity via share-swap) | Ghana | Not disclosed | Emergency trigger September 2025. ATC cut AT Ghana towers Sep 1 over $150M unpaid bills, forcing 3.2M subscribers onto Telecel via emergency roaming. KPMG advising. Share-swap proposed but $200-250M capital shortfall and NCA spectrum waiver unresolved. MTN lobbying for open auction. Stalled February 2026. |
Retail | Pepkor → Shoprite Furniture | OK Furniture + House & Home (400+ stores, 6 countries) | SA + 5 countries | R3.2B (~$170M) | Announced September 2024. Non-SA markets (Botswana, Lesotho, Namibia, Eswatini, Zambia) closed October 1, 2025. SA portion blocked: Lewis won Constitutional Court right to intervene December 2025, returning deal to Competition Tribunal. |
Banking | Emirates NBD → Banque du Caire | 45% stake in Banque du Caire (from Banque Misr) | Egypt | ~$1.0-1.2B | Announced March 2025. CBE approved due diligence. Emirates NBD initially downplayed reports but process confirmed ongoing. Part of Egypt's state privatization program (target: $2.5B raised in FY2024-25). Banque du Caire: Egypt's 6th largest bank, $9.4B assets. No confirmed close date. |
Mining | Shuka Minerals → Leopard Exploration | Leopard Exploration + Kabwe license | Zambia | $1.35M | Pending. Hindered by funding delays. No confirmed timeline as of March 2026. |
TABLE 3: CANCELLED / TERMINATED DEALS (3 deals) | |||||
Sector | Deal | Target / Asset | Country | Value | Status |
Banking | Access Bank → Bidvest Bank | 100% Bidvest Bank South Africa | South Africa | R2.8B (~$150M) | Announced 2024. Collapsed January 26, 2026. CBN approval not secured before long-stop date expired. Multi-jurisdictional banking regulation cited as key obstacle. |
Oil & Gas | TotalEnergies → Chappal Energies | 10% SPDC/Renaissance JV stake | Nigeria | $860M | Announced July 2024. Terminated September 2025. NUPRC revoked approval after Chappal failed to meet financial and regulatory conditions despite repeated deadline extensions. TotalEnergies subsequently signed new SPA with Vaaris (January 2026). |
Healthcare | 64P Investments → Labat Africa Healthcare- | Healthcare subsidiaries | South Africa | R23M | Announced 2024. Terminated 2025. Deal fell through; no further details disclosed publicly. |
Sources:
Shell Global (Mar 2025); TotalEnergies Press Release (Jan 2026); Seplat/NGX (Dec 2024); Vodacom SENS (Dec 2025); COMESA Competition Commission (Mar 2026); Coca-Cola HBC & TCCC Press Releases (Oct 2025); Access Bank/Bidvest: NGX Filing & Nairametrics (Feb 2026); Access Bank/AfrAsia: Financial Afrik (Jul 2025); Access Bank/NBK: GlobalData (Jun 2025); Access Bank/StanChart Tanzania: TanzaniaInvest (Jun 2025); Presco Abridged Report & Nairametrics (Feb 2026); Shoprite/Pepkor: BusinessDay SA (Jan 2026); Canal+ Press Release & Variety (Sep 2025–Mar 2026); QatarEnergy Press Releases (May 2024, Nov 2024, Oct 2025); TMG Holding EGX Filing & PwC Egypt M&A Report (Feb 2024); Dubizzle Group Press Release (Feb 2025); Hop Lun/Platinum Equity Press Release (Oct 2025); Emirates NBD/Banque du Caire: AGBI & Egyptian Streets (Mar 2025); DealMakers Africa Q2 2025; Baker McKenzie Egypt M&A Report (Feb 2025); HSF Kramer Africa M&A Report (Feb 2026); AngloGold Ashanti/Centamin: Mining Technology & AngloGold Press Release (Sep–Nov 2024); Zijin Mining/Akyem: Graphic Online & Zijin Press Release (Oct 2024–Apr 2025); JCHX Mining/Lubambe: ZCCM-IH Press Release & Reuters (Jul 2024); BHP/Cobre Botswana: MiningFeeds & BHP Press Release (Mar 2025); Mubadala/KELIX bio: DPI Press Release, EBRD, The National (Mar–Oct 2024); Akdital/Taoufik Hospitals: Reuters & APA News (Dec 2025); Ecofin Agency; Nairametrics; BusinessDay NG; Business Day South Africa (November 2025); Carrefour Press Release (December 2025); Retail Africa (December 2025); Vitol Press Release (September 2025); Reuters Africa Energy (September 2025); Offshore Energy Magazine (September 2025).
* Speculative / Estimated Values Methodology
Values marked with * were not officially disclosed by the parties. Estimates are derived from the following sources and methodologies:
Shell Nigeria → Renaissance (~$2,400M): Cited by multiple credible sources including African Energy Council, BusinessDay NG, and ND Western as the total potential transaction value. Equinor's own press release for the separate Chappal deal references the $2.4B figure for context. Some sources cite $1.3B as the equity component only; $2.4B includes deferred and contingent payments.
Equinor Nigeria → Chappal (~$1,200M): Official Equinor press release states up to $1.2B total value: $710M confirmed purchase price plus contingent payments. Listed as 'Not disclosed' in original tracker as parties did not jointly publish a final figure; Equinor's filing is the authoritative source.
Access Bank UK → AfrAsia Bank (~$250M): AfrAsia Bank reported total assets of $5.7B and net profit of $152.4M (FY June 2024). Estimated acquisition price of ~$250–320M based on 0.3x price-to-book ratio, consistent with comparable African bank M&A transactions (e.g. Access Bank/NBK Kenya at ~0.4x book). No official price was disclosed.
Universal Music → Mavin Global (~$175M): Billboard reported Mavin was shopped by Shot Tower Capital at a valuation of $125M–$200M. Analysis of UMG's 2024 annual report by industry analysts (Creator Economy IQ, April 2025) cross-referenced against other disclosed UMG investments points to the $150M–$200M range. Midpoint of $175M used.
Access Bank → StanChart Tanzania (~$20M): Standard Chartered's Africa retail exit deals (e.g. Tanzania, Angola, Cameroon) have typically ranged $10M–$35M based on disclosed transactions in comparable markets. Tanzania is a mid-tier market; $20M estimate used.
Hop Lun → Tobago + Chantelle Morocco ops (~$40M): Two established Casablanca garment manufacturing facilities serving European luxury brands. Based on Morocco manufacturing asset comparables and disclosed deal sizes for similar-scale apparel factories in North Africa. Range estimated $30M–$50M.
Flutterwave → Mono (~$50M): Mono raised approximately $15M in disclosed funding rounds. Acquisition premium estimated at 3–4x last funding round, consistent with African fintech acqui-hire/infrastructure deals. Range $40M–$60M.
Dubizzle Group → Hatla2ee (~$30M): Hatla2ee is Egypt's #1 automotive marketplace with 2M+ monthly visitors. Estimated based on MENA classifieds and automotive marketplace comparables. Range $20M–$40M.
Moove → Kovi Brazil (~$15M): Kovi's last disclosed funding round implied a valuation of ~$30M. Acquisition estimated at a discount to last round, consistent with distressed or early-exit vehicle-financing platform transactions.
Nawy → SmartCrowd Dubai (~$10M): SmartCrowd raised $3.5M in disclosed rounds. Estimated acquisition at 2–3x funding based on UAE proptech comps. Range $8M–$15M.
Stitch → ExiPay (~$8M): South African payments infrastructure acqui-hire. Based on SA fintech M&A comparables for early-stage payment processing assets. Range $5M–$12M.
LemFi → Bureau Buttercrane (~$5M): Irish FX regulatory license acquisition. European FX/EMI license acquisitions typically range $2M–$10M depending on client base and jurisdiction.
Altona Rare Earths → Sesana Project (~$3M): UK AIM-listed junior miner. Based on AIM filing disclosures indicating consideration in low single-digit millions for an 85% exploration-stage stake in a copper-silver project.
Roqqu → Flitaa (~$3M): Early-stage crypto platform with operations in 4 East African countries. Estimated <$5M based on comparable African crypto exchange acquisitions.
Marula Mining → Mansera Cobalt (~$2M): Junior cobalt exploration asset acquisition in South Africa. Based on comparable junior cobalt M&A transactions on the JSE and AIM markets.
Patriot Lithium → Kitumba Copper (~$1M): Junior exploration license acquisition in Zambia. Based on comparable Zambian copper exploration license transactions for early-stage assets.
Note: The following deals remain genuinely unknowable, no credible estimates exist in public sources: QatarEnergy → Cairo & Masry, QatarEnergy → North El-Dabaa, QatarEnergy → North Rafah (all exploration farm-ins with carry obligations only, no headline price), Baowu Steel → Simandou (stake price undisclosed; total project infrastructure ~$6.5B shared across all parties), Mubadala → KELIX bio (no analyst estimates published), Saroafrica → SIAT N.V. Presco (fully private), AT Ghana + Telecel merger (stalled; no valuation formally tabled).
Limitations:
Private equity is substantially undercovered. Transactions involving Development Finance Institutions such as CDC, Proparco, DEG, and IFC rarely generate press releases and close quietly. The tracker captures secondary exits where DFIs appear as sellers, such as Mubadala/KELIX bio where DPI and BII were exiting, but likely misses the original entry transactions entirely.
Healthcare and education M&A is undercounted relative to actual activity. Both sectors have growing deal flow across East and West Africa but attract limited business press coverage compared to energy and mining.
The DRC is a notable absence. Given the scale of mining activity there, particularly in cobalt and copper, the gap likely reflects genuine difficulty sourcing verified data rather than absence of activity.
Valuation opacity remains significant. 25 of 54 deals have no disclosed value. Speculative estimates cover 17 of those, built on comparables and analyst ranges rather than confirmed figures. The real total could be meaningfully higher, particularly for large undisclosed transactions like Mubadala/KELIX bio and Baowu/Simandou where even order-of-magnitude estimates are unreliable.
Pending deals may never close. Four of nine pending deals have unresolved regulatory hurdles, and the AT Ghana/Telecel merger is effectively stalled. If Vodacom/Safaricom or Coca-Cola/CCBA falls through, the headline total changes materially.
Chinese and Gulf state deal structures are particularly difficult to value. Several mining acquisitions involve debt absorption, infrastructure commitments, or asset swaps rather than straightforward cash consideration, making like-for-like comparisons with other transactions unreliable.
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