This is the first sustainable hybrid capital issuance by a multilateral development bank. The deal involved $750 million perpetual subordinated hybrid capital notes issuance, including the ESG disclosure. The Notes were issued under African Development Bank's Sustainable Bond Framework 2023. The deal serves as a prominent example of using sustainability finance to support environmental and social projects and promoting socio-economic development in Africa. The hybrid notes set precedent for highly rated multilateral development banks to bolster their capital base and optimise their balance sheet.

A&O Shearman
Clifford Chance

In-house: African Development Bank

The transaction marked the debut USD-denominated domestic bond issuance by the Federal Government of Nigeria. It was a major departure from the Eurobond issuance, which is the usual foreign-denominated bond issuance in Nigeria. The Federal Government of Nigeria USD-denominated bond comprised the registration of a $2 billion bond programme and the issuance of $500 million as Series 1 under the Programme. The Series 1 was initially sized at up to $500 million and was successfully oversubscribed to the sum of over $900 million.

G Elias & Co
Olaniwun Ajayi

In-house: Federal Ministry of Justice

The CrossBoundary Energy financing combined both classic portfolio financing and project financing, with unique features of allowing borrowings to be increased as the portfolio increases to support additional developments on a regular basis. The deal involved a $300 million term facilities and $50 million revolving facilities provided by Standard Bank Group to CrossBoundary Energy. The transaction consolidated a portfolio of disparate and small-scale energy installation projects across eight African countries into a single holding company financing. It was a multi-jurisdictional financing deal involving Ghana, Kenya, Mauritius, Nigeria among others.

AB & David
ALN Mauritius | BLC Robert & Associates
Basma & Macaulay
Benoit Chambers
Bowmans / Coulson Harney
Bracewell
Couto Graca & Associados
Detail Commercial Solicitors
ENSafrica
Kaplan & Stratton
Keystone Solicitors Ghana
Lexel Juridique et Fiscal
Madagascar Law Offices
Miranda & Associados
S&L Advocates
Sharkawy & Sarhan Law Firm
Shehata & Partners
Tejan-Cole Yillah & Partners
Trinity International
Udo Udoma & Belo-Osagie

In-house: Standard Bank Group, CrossBoundary

The transaction involves the $2.5 billion acquisition of Centamin by AngloGold Ashanti. This marks the first western investment in North Africa. The cross-jurisdictional aspect of the transaction added to its complexity, as regulatory approvals and listing rules of diverse jurisdictions, including Canada, Côte d’Ivoire, Egypt, Ghana, South Africa, United Kingdom, and the United States, were required and considered. It was the first-of-its-kind in Ghana and sets precedent for regulatory framework on secondary listings in Ghana.

ADNA
Bahaa-Eldin Law Office
Bentsi-Enchill Letsa & Ankomah
Cravath Swaine & Moore
ENSafrica
King & Wood Mallesons
Mourant Ozannes
Norton Rose Fullbright
Shalakany Law Office
Sharkawy & Sarhan
Slaughter and May
Stikeman Elliott

In-house: AngloGold

The £2.2 billion acquisition of Network International Holdings by a consortium led by Brookfield Asset Management was one of the largest private equity investments in Africa. This was a landmark transaction as it represents a major step in the evolution of digital payments sector in Africa and the Middle East. The deal required novel legal mechanisms to manage the interests of various stakeholders and navigated different regulatory hurdles as there were extensive engagements with regulators across multiple jurisdictions in Africa and Middle East.

ALN Nigeria | Aluko & Oyebode
A&O Shearman
Corpus Legal Practitioners
Dentons ACAS Law
Linklaters
Mulenga Mundashi Legal Practitioners
Webber Wentzel

The Western Area Power Generation Project is a phased gas to power project located in Freetown, Sierra Leone. The project will provide increased energy capacity and the much-needed baseload power to Sierra Leone, where only about 20% of the population had access to electricity. The project was very challenging as the project was initially based on heavy fuel oil but was restructured to use liquefied petroleum gas as the primary fuel source, with the intention to finally switch to liquefied natural gas. The Power Purchase Agreement balanced the urgency of electricity with the need for energy transition.

Basma & Macauley
Benoit Chambers
Clifford Chance
Conyers
Edrina Chambers
Herbert Smith Freehills
Stronge Legal
Trinity International

The acquisition of Nigerian Agip Oil Company by Oando was a precedent-setting transaction in the oil and gas sector in Nigeria. This was the first acquisition deal to successfully navigate the regulatory approval process under the new Petroleum Industry Act in Nigeria. The transaction was also the largest acquisition deal in the upstream oil and gas sector in Nigeria after many years. The deal has significantly reshaped the ownership landscape of the upstream oil and gas assets in Nigeria whilst preserving operational continuity within the assets.

A&O Shearman
Afreximbank
Banwo & Ighodalo
Bracewell
DLA Piper Africa, Nigeria (Olajide Oyewole)
EY Law
Herbert Smith Freehills
Hunton Andrews Kurth
Oando
Odujinrin & Adefulu
Templars

This is a €300 million MIGA-guaranteed term loan facility provided by Standard Chartered Bank to the Ministry of Economy, Finance and Planning of the Republic of Senegal for funding transformative infrastructure, healthcare and energy projects. This was a groundbreaking transaction in Africa and particularly in Senegal, marking the largest trade finance to gain MIGA’s guarantee in Africa. The MIGA guarantees set a new benchmark for sovereign financing for other emerging markets. The transaction was transformative in the African market, as it aligned risk mitigation with development objectives.

A&O Shearman
SCP Houda & Associés
Standard Chartered Bank

This transaction involves the acquisition of the entire share capital of Mavin Global Holdings by Universal Music Group. This was the first acquisition of an indigenous recording company by an international recording organisation in Nigeria. It was also the first time the Nigerian Federal Competition and Consumer Protection Commission, a new competition regulator in Nigeria, has considered the music industry in a merger review. The deal sets a precedent for global investments in African entertainment and demonstrated how local labels can secure international expansion while maintaining their identity. 

Bowmans
DLA Piper Africa, Nigeria (Olajide Oyewole)
Freshfields Bruckhaus Deringer
Olaniwun Ajayi
Reed Smith
Ropes & Gray
Udo Udoma & Belo-Osagie

This transaction involves the acquisition of fifteen subsidiaries of Air Liquide Africa located in twelve countries by Adenia Partners. The deal required extensive coordination and legal alignment across France and twelve other African countries, as well as the need to obtain necessary regulatory approvals across multiple jurisdictions. The divested entities formed a new independent pan-African industrial and medical gases group, Erium. This transaction resulted in the transition from a subsidiary of a global corporation to a 100% Africa-owned entity, thereby contributing to the Africa’s economic empowerment.

AELEX
Asafo & Co
Cabinet Biassaly
Cabinet d'Avocats Petro
Cabinet Juri-Partner
Cabinet M Akakpo
FIDAL
Fiducia – Fitaxia
MBM Conseils
PwC
SARI Conseils
SCP Houda & Associés

Baowu Group – Simandou investment is the largest integrated mining and related rail and port infrastructure investment in Africa to-date. The deal involves the investment of about $15 billion in the mining and infrastructure components of the Simandou project in the Republic of Guinea by Baowu Group. It was a complex cross-jurisdictional transaction with around 115 transaction documents governed by various laws including English law, Guinean law and the OHADA Act among others. The project was a transformative one for Guinea’s economy and the global economy at large as it would make Guinea the world’s third-largest iron ore exporter.

ADNA
Allens
Clifford Chance
DLA Piper
Euclid Law
Eversheds Sutherland
Hogan Lovells
Kabele Law Group
King & Wood Mallesons
Linklaters
Merits and Tree
Norton Rose Fulbright
Thiam & Associés
Watson Farley & Williams