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Capital Markets

Ten of the best – key Africa deals to watch out for

Dangote Cement GDR
After Dangote Cement’s listing in Nigeria in November, local regulators gave the expanding cement firm two years to reach a 25% minimum free-float requirement. Aliko Dangote, Africa’s richest man, owns 95% of the equity. Goldman Sachs, JPMorgan and Morgan Stanley are preparing a global offering in London for 20% of the firm, whose total market valuation at listing was $14 billion.

Konkola Copper IPO, London
One of a number of financings being prepared in the Zambian copper belt is a $1.1 billion share sale on the London Stock Exchange, led by Goldman Sachs and JPMorgan, for the Zambian arm of India-focused mining firm Vedanta. Vedanta will retain a majority. A separate listing in Zambia is planned.

Kosmos Energy IPO, New York
Kosmos Energy has a 23% interest in Ghana’s Jubilee oil field, which started production in November. US private equity groups Warburg Pincus and Blackstone have a joint controlling stake in Kosmos, which is preparing an IPO on the New York Stock Exchange for up to $500 million. Barclays Capital, Citi and Credit Suisse are leading the sale.

Inaugural sovereign Eurobonds
Nigeria’s government sold its inaugural Eurobond in January: a $500 million 10-year 144A/RegS deal yielding 7%, arranged by Deutsche Bank and Citi.

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