French sovereign wealth fund, Proparco has partnered with Mauritius’s IBL Group, and DEG, a subsidiary of German KfW Group, to jointly acquire a 40% stake in Naivas supermarkets chain.
Nevertheless, successful completion of the transaction is subject to conditions.
By co-investing into Naivas alongside the IBL Group, the Fund would be accompanying a longstanding business partner in its regional expansion, as part of its ‘Beyond Borders’ strategy, whereby IBL has earmarked the retail sector as one of several investment avenues for its East African expansion.
Just last week, A consortium comprising World Bank’s International Finance Corporation (IFC) and French private fund Amethis sold an estimated 30% stake in Naivas Supermarket.
The stake was sold to a cluster of investors led by Mauritian conglomerate IBL Group.
Although the value of the transaction was not disclosed, IFC and its partners MCB Equity Fund, Amethis, and German sovereign wealth fund DEG had paid KSh6 billion to acquire the minority stake in April 2020.
