Connect with us

Merger and Acquisition

Flutterwave Acquires Nigerian Creator Platform, Disha

Published

on

Flutterwave acquires Disha

Flutterwave today announced that it has successfully acquired Disha, a creator platform that had planned to close up since February.

Disha is a platform based in Nigeria which allows digital creators to curate, sell digital content and receive payments from their audiences globally. According to TechCrunch, Disha had stated prior to the closing up announcement that it had successfully bootstrapped to more than 20,000 users. It even claimed to have a monthly growth rate of 100% at some point.

Three days after announcing the shutdown, Disha mentioned that it was thinking of new options for the company and would announce when a decision had been made about its future. That decision was announced when Flutterwave told TechCrunch in an email that it had bought the two-year old Disha. Earlier this month, a sharp-eyed Twitter user noticed that Flutterwave’s support documents housed Disha’s FAQs. This was a nod to the (possible) acquisition of Disha by Flutterwave. The FAQs were subsequently removed from Flutterwave in a bid to kill any suspicions before an official announcement was made.

Flutterwave quickly became a Nigerian favourite in October 2020 when the company set up a fund to assist the nationwide protest against Police Brutality. The fund set up by Flutterwave helped to raise over N25m before it was deactivated. The deactivation of the donation link was met with strong criticism from the young Nigerians who believed that the Central Bank of Nigeria was behind it, in order to frustrate the efforts of the young Nigerians trying to protest against police brutality and injustice.

Disha reportedly shut down due to low-income revenues; the company reportedly made slightly over $1,000 in monthly revenue. Even the ex-CEO of Disha confirmed that Disha showed clear signs of struggle, with limited resources and little revenue. Ex-CTO of Disha, Rufus Oyemade praised the recently completed deal with Flutterwave, saying that the deal had provided a way to drive value for creators while sustaining revenue and the business.

We [the founders] decided to shut down the company because we ran out of resources to continue driving the very valid vision we had,” ex-CTO Oyemade told TechCrunch in an email. “With Flutterwave, we now have a way to drive both value for creators and revenue to sustain the business. We are happy to have gotten the call from Flutterwave, which actually kept hopes alive.

Flutterwave has been rumoured to have acquired smaller companies in the past, but the company had never come forward to confirm those rumours. That was until Disha came along, and Flutterwave sent that fateful email to TechCrunch. The decision by Flutterwave to publicly announce its acquisition of Disha is a huge show of faith in the potential of the business deal.

Merger and Acquisition

Access Bank Plc to Acquire National Bank of Kenya Limited in Landmark Deal

Published

on

Access bank

Access Bank PLC, a leading financial institution based in Nigeria, has unveiled plans to acquire National Bank of Kenya Limited (NBK) in a landmark deal.

The acquisition announced by Access Holdings Plc, the flagship subsidiary of Access Bank, signifies a significant move in the bank’s African expansion strategy.

Under the binding agreement, Access Bank will acquire the entire issued share capital of NBK from Kenyan-based KCB Group Plc (KCB), which also serves as the holding company of KCB Bank Ltd, Kenya’s largest commercial bank.

This strategic transaction is aimed at repositioning Access Bank as a prominent player in the Kenyan market and establishing it as a regional hub for the East African bloc.

The deal with NBK, known for its strong presence and substantial balance sheet exceeding US$1.1 billion, presents an enticing opportunity for Access Bank to expand its footprint in the East African market.

The completion of the transaction is subject to regulatory approvals from the Central Bank of Nigeria and the Central Bank of Kenya.

Upon finalization, NBK will be integrated with Access Bank Kenya Plc to form an enlarged franchise, advancing Access Bank’s strategic objectives for the Kenyan and East African markets.

Commenting on the Transaction, Ms. Bolaji Agbede, Acting Group Chief Executive Officer of Access Holdings Plc said: “This proposed acquisition marks a significant step in the execution of our five-year strategic plan aimed at positioning the Bank as Africa’s Gateway to the World. The deal with NBK, a historically strong and well-known bank in Kenya with a balance sheet in excess of US$1.1 billion, presents a compelling opportunity to scale up our growth in the East African market. We remain confident that our investments towards diversifying and strengthening the Bank’s long-term earnings profile will deliver significant value for our shareholders, customers, and wider stakeholder groups.”

Continue Reading

Merger and Acquisition

Foreign Investor Eyes 7% Stake in LivingTrust Mortgage Bank Plc

Published

on

LivingTrust Mortgage - Investors King

LivingTrust Mortgage Bank Plc is on the brink of a significant financial move as reports indicate a foreign investor’s interest in acquiring a seven percent stake in the institution.

According to industry insiders familiar with the matter, the prospective investor is poised to proceed with the regulatory formalities following the completion of due diligence.

The potential investment is anticipated to provide a substantial capital injection for LivingTrust Mortgage Bank Plc, paving the way for enhanced operational capabilities and strategic growth initiatives.

However, as of the time of reporting, the specifics of the investor and the financial terms of the deal remain undisclosed, pending regulatory filings and approvals.

This development comes on the heels of the recent appointment of Dr. Olumide Adedeji as the new Managing Director of LivingTrust Mortgage Bank Plc, effective March 7, 2024.

Dr. Adedeji, a seasoned finance professional with a wealth of experience garnered from esteemed institutions such as Standard Chartered Bank, FCMB, and Diamond Bank, among others, is poised to steer the bank through this potential transformative phase.

While the transaction awaits official confirmation, industry analysts speculate that the investment could signify a vote of confidence in the bank’s prospects and the broader Nigerian financial landscape.

Furthermore, it underscores the appeal of Nigerian financial institutions to foreign investors seeking strategic opportunities in emerging markets.

The move aligns with LivingTrust Mortgage Bank Plc’s commitment to fortifying its position in the market and unlocking value for its stakeholders amidst a dynamic economic environment.

As the regulatory processes unfold, stakeholders eagerly anticipate the potential implications of this strategic partnership on the bank’s trajectory and the broader financial ecosystem.

Continue Reading

Merger and Acquisition

EnjoyCorp Limited Secures Strategic Acquisition of Champion Breweries Plc

Published

on

Champion Breweries

EnjoyCorp Limited, a conglomerate known for its ventures in food, beverage, and hospitality, has successfully secured a strategic acquisition deal with Heineken B.V.

The agreement entails EnjoyCorp acquiring 100% of Heineken’s shareholding in The Raysun Nigeria Company Limited, which holds an 86.5% stake in Champion Breweries Plc, a prominent regional brewer listed on the Nigerian Exchange Limited (NGX).

The transaction, subject to regulatory approvals, is anticipated to conclude in the second quarter of 2024.

Heineken will extend its support to Champion Breweries for a year post-acquisition, ensuring a seamless transition of ownership.

This acquisition marks EnjoyCorp’s strategic entry into the beverage sector, aligning with its vision of catering to the diverse tastes of the African consumer market.

By integrating Champion Breweries as an anchor subsidiary, EnjoyCorp aims to strengthen its foothold in the industry.

EnjoyCorp, known for its mission to enrich life’s moments through quality brands and sustainability, sees this acquisition as a pivotal step in its journey toward transformative growth.

With a focus on innovation and community engagement, EnjoyCorp endeavors to inspire consumers to cherish life’s moments responsibly.

The acquisition underscores EnjoyCorp’s commitment to shaping the future of the beverage industry in Africa.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending