Rand Merchant Bank (RMB) cemented its position as Africa’s top investment bank for M&A 2025 through its execution of high-profile, complex and cross-border transactions across multiple sectors and markets.
With a clear sector-led strategy and deep client relationships, RMB maintained a market share of approximately 17% by deal value in South Africa – an outsized presence in a fragmented and highly competitive market.
At the centre of RMB’s success is its ability to deliver on landmark, strategically significant deals across the continent. The bank advised Mauritius-based Chappal Energies on its acquisition of Equinor Nigeria Energy Company for up to $1.2 billion, marking one of the largest African energy transactions of the year.
On the private capital front, RMB served as financial adviser to Telkom on the R6.75 billion (then $370 million) sale of Swiftnet, South Africa’s largest telecom tower divestiture. The sale to a consortium led by Actis and Royal Bafokeng Holdings involved complex structuring and transitional service arrangements, and contributed to a 14% increase in Telkom’s share price on announcement.
Other standout transactions included Barloworld’s proposed delisting via a R120 per share buyout, an 87% premium to the 30-day volume weighted average price; and the sale of Bidvest Bank to Nigeria-based Access Bank, reflecting RMB’s strength in cross-border, financial services M&A.
As a standout adviser for complex, high-stakes mandates, RMB blended technical acumen with local insight and long-term relationship management
RMB also led the R3 billion sale of BevCo to Varun Beverages, a landmark India-Africa corridor transaction, and advised on Switzerland-based Solevo Group’s acquisition of Rolfes Holdings, which included the introduction of Afropulse – a black-women-owned empowerment partner that acquired a 12.5% stake as part of the deal.
As a standout adviser for complex, high-stakes mandates, RMB blended technical acumen with local insight and long-term relationship management. “Clients want to hear about their business and strategy from knowledge experts,” says Krishna Nagar, head of corporate finance advisory at RMB. “I think our intensity of client focus has been strong, and that’s helped us get a sizeable – maybe outsized – proportion of the M&A activity in the market.”
This strategy helped RMB navigate one of the busiest years in its recent history, even facing macroeconomic headwinds and political uncertainty in key markets. RMB’s market share was consistent with 2023, but its deal value and volume rose significantly, with more activity in large, strategic transactions.
With a strong pipeline, deep sector expertise and the ability to deliver results in complex environments, RMB continues to set the standard for M&A advisory in Africa.
