Major Transactions

Banking and Finance

ABSA: Various Trade Financings

Advised ABSA in relation to various trade financings in Africa, including in relation to petroleum products in Zambia and Tanzania; sugar supplies to Mali; financing maize, maize seed, fertilizer, various cereals and foodstuffs to government and parastatal corporations in Zambia and Malawi; telecommunications equipment financing in Côte d´Ivoire; supplies of buses and omnibus parts, and bus monitoring equipment to Côte d´Ivoire; acquisition of foodstuffs and food-processing equipment to Gabon.

Barclays: ABSA Merger

Advised Barclays Bank Plc in its acquisition of 55.96% of the issued ordinary shares of ABSA Bank Limited through a scheme of arrangement. Deneys Reitz advised on all details of the transaction, including due diligence, competition law, contractual and regulatory issues. The total transaction value was ZAR 29 billion (USD 3.9 billion). This transaction was voted deal of the year (2005) by DealMakers and as the second largest transaction in South Africa in 2005 by Ernst & Young in their latest publication of Mergers & Acquisitions Review in South Africa. It is also ranked as the tenth biggest South African corporate transaction of all time. This transaction represents the largest single non-recourse foreign direct investment in Africa. We continue to advise Barclays on the ongoing integration of Barclays' African business with ABSA, a role which includes co-ordinating all the acquisitions in this deal on the African continent, and is of significant value.

Citibank: Various

Advised Citibank with regard to the introduction of various financial products in several African jurisdictions.

EIB: Platinum Toll Road

Advised EIB in relation to their senior funding of the N4 Platinum toll road project.

Enterprise Banking Group: Fina

Advised EBG, an SME focused banking group based in Botswana, in respect of its first capital raising from international investors. Previously undertook a detailed legal risk and governance review of EBG's cornerstone investment in East Africa, Fina Bank in Kenya, to ensure best international practice as part of Fina´s transformation into a leading local bank. Also advised EBG in respect of (i) further capital raising and (ii) prospective investment opportunities in sub-Saharan Africa.

Financiers: Capital Refurbishment of a Copper Mine, Zambia

Advised the lender on the financing of the capital refurbishment by Konkola Copper Mines of its copper and cobalt mining and processing assets acquired from Zambia Consolidated Copper Mines Limited.

Financiers, Maputo Corridor N4 Toll Road Project, RSA and Mozambique

Advised financial institutions lending to the Maputo Corridor N4 Toll Road project, a public private partnership for the concessioning of the upgrading/building, maintaining and operating of the toll road. This was the first major PPP project in South Africa and an important element in the opening of Mozambique. Advised on the refinancing.

Financiers, Port of Luanda Oil Services Terminal Project, Angola

Advised the arrangers and lenders in the financing of the extension of the existing quay in the Port of Luanda, including negotiating the revision of the concession contract, preparing and negotiating the finance documents, and reviewing of the off-shore security structure and payment mechanism agreements.

Financiers, Rehabilitation of Village Ivoire, Côte ď Ivoire

Advised the contractor on the principal and main sub-contracts for the refurbishment of the Village Ivoire hotel complex in Abidjan, as well as the lenders on the financial credit agreement and related financing agreements.

Financiers, Supply of Parts and Materials for the Refurbishment of Aircraft, East Africa

Advised the lender on the financing of the refurbishment of aircraft, and the supply of training, spares, ground support and certain test equipment in relation to such aircraft, for an East African Government.

Financiers, Turnkey Supply of Operational Diamond Mine, Lesotho

Advised the arrangers of the financing for the supply of a fully operational diamond mine on a turnkey basis at the Letseng-La-Terae diamond mine in Lesotho for purposes of exploiting a concession.

FirstRand Group

Advised in relation to various aircraft financing transactions - most recently acting as principal counsel for FirstRand International (Dublin) Limited (as Agent and Security Trustee) in connection with the acquisition by BCI Aircraft Leasing of aircraft leased to Air Namibia. The transaction involves 4 jurisdictions (Namibia, USA, UK and Ireland) and key financing documents are under English law. Aircraft mortgages are being registered over the aircraft using the International Registry in Ireland under the Cape Town Convention.
Advised FirstRand in its acquisition of an 80% interest in the Mozambican bank Banco de Desenvolvimento e Comércio ("BDC"). This acquisition marks the entry of FirstRand into yet another African country, and the acquisition included a minority stake in Interbancos, a card reading, automatic teller machines, cell phone banking and clearing company. The transaction involved 4 jurisdictions (Portugal, Mozambique, United Kingdom and South Africa). Leading Maputo firm MGA (a member of the Africa Legal Alliance) advised FirstRand on matters of Mozambican law.
Advised RMB and other lenders in the refinancing of the N3 Toll Road project, a public private partnership for the concessioning of the upgrading/building, maintaining and operating of the toll road.
Advised FirstRand International (Dublin) Limited in relation to several commodity trade financings in various African countries, including complex security and hedging arrangements. The choice of English law combined with our knowledge of security regimes in various African jurisdictions continues to be significant in ensuring that these transactions are completed within commercially realistic timelines and budgets whilst also ensuring appropriate legal protections in highly diverse legal environments.

FMO

Advised FMO, the Netherlands development finance bank, in relation to its loan financing of Real People. This ZAR98,000,000 facility was concluded in parallel with the above Proparco facility. FMO invests risk capital in companies and financial institutions in developing countries, and its investment portfolio of €2.7 billion makes it one of the largest bilateral development banks worldwide.
Advised FMO in respect of various debt investments in several African jurisdictions, including recently a financing of DFCU, a leading financial group in Uganda.
Advised FMO in respect of several debt/ quasi-debt investments and funds in South, West and East Africa, including investments in Ghana, Mauritius, South Africa, Uganda, and Mozambique.

Norfund: Microfinance

Advised Norfund in respect of a debt and equity investment in a micro-finance institution in East Africa.

Proparco

Advised Proparco, the French international development finance arm, with a €5,000,000 convertible loan facility to Real People, a South African financial services company with operations in various sub-Saharan African countries. The purpose of the credit facility is to foster the development of Real People, and to be used within the auspices of the new South African National Credit Act to expand Real People's various lines of consumer finance products including education products, housing and personal loans. Real People was established in 2001 and has over 120 branches and more than 1,600 employees. It operates in South Africa as well as Swaziland, Tanzania, Kenya, Lesotho and Botswana.

Standard Bank

Advised Standard Bank on the proposed structure and bankability issues relating to a limited recourse financing of the refurbishment of a major power plant in the DRC.
Advised Standard Bank on the refinancing of the Maputo Corridor N4 Toll Road Project.
Currently advising Standard Bank on a major limited recourse mining project in the DRC.

Note: Some transactions may be listed in more than one category.

We have listed some of our recent pan-African transactions, divided into various categories.

Transaction Types

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