Africa Data Insight (Mid-Year 2020)

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Transaction volume remained consistent in 1H 2020 despite the onset of COVID-19-related lockdowns

Despite rolling lockdowns in response to the COVID-19 pandemic, the pace of private capital deal-making in Africa in 1H 2020 remained consistent with the second half of 2019. GPs completed few large deals on the continent, causing an overall drop in disclosed capital invested from 2H 2019. Notable deals in 1H 2020 included a Mediterrania Capital-led consortium’s buyout of Egypt-based MetaMed from Gulf Capital for USD100m, as well as Ethos Private Equity’s USD73m restructuring of South Africa-based investment manager Brait. The consistent pace of investment may reflect deals already in progress prior to the onset of global lockdowns and economic contractions. The impacts of delayed due diligence and shifting investor priorities may not be fully felt in the region until the latter half of 2020.