DealMakers AFRICA honours West Africa’s top mergers, acquisitions, dealmakers

The 2024 DealMakers AFRICA Annual Awards have recognised West Africa’s most significant mergers and acquisitions, alongside the financial and legal advisers behind them.

The awards celebrate transformative transactions that have reshaped the region’s corporate landscape, acknowledging firms and individuals instrumental in executing complex deals across various industries.

The DealMakers AFRICA awards are primarily determined by objective criteria, evaluating the value and volume of recorded transactions.

However, three categories—Deal of the Year, Private Equity Deal of the Year, and Individual DealMaker of the Year—are selected through nominations from advisory firms. These categories are assessed based on factors such as deal complexity, transformational impact, and potential value creation.

Four major transactions were shortlisted in this category: Olam Agri’s acquisition of Avisen, Chappal Energies’ purchase of Equinor’s Nigerian business, Renaissance Africa Energy’s acquisition of Shell Petroleum Development Company of Nigeria, and the acquisition of Flour Mills by Excelsior Shipping. The winning deal was Renaissance Africa Energy’s acquisition of Shell Petroleum Development Company, a transaction aligned with Nigeria’s broader strategy to boost local participation in the energy sector. The deal consolidated ownership of key onshore assets under a consortium of Nigerian companies, strengthening local players’ roles in the industry. Advisers on the transaction included PwC Nigeria, Banwo & Ighodalo, Clifford Chance, White & Case, and G. Elias.

Three deals were shortlisted: CardinalStone Partners’ exit from i-Fitness to Verod, Verod and its partners’ investment in Moniepoint, and Adenia Partners’ sale of Cresta Paints to Uhuru Investment Partners. CardinalStone Partners took the award for its exit from i-Fitness to Verod, a deal expected to propel i-Fitness’ next phase of growth through Verod’s operational expertise and financial backing. Rand Merchant Bank Nigeria, CardinalStone Capital Partners, Udo Udoma & Belo-Osagie, and Olaniwun Ajayi advised on the transaction.

Sponsored for the second consecutive year by PSG Capital, this award recognised five shortlisted professionals: Akinola Akinboboye of Deloitte, Ayotunde Owoigbe of Banwo & Ighodalo, Azeezah Muse-Sadiq of Banwo & Ighodalo, Daniel Adeoye of Verod, and Yewande Senbore of Olaniwun Ajayi. The award was won by Daniel Adeoye, a partner at Verod, for his role in executing high-value transactions in the region.

Adenia Partners’ acquisition of Air Liquide subsidiaries across Africa earned the DealMakers AFRICA Special Recognition award.

Spanning 12 countries across three regions, the deal involved Adenia committing up to €30 million over five years to expand and strengthen the newly formed entity, Erium. Advisers on the transaction included Decrop Consulting, Asafo & Co, Fidal Avocats, Deloitte, DPGS & Alliance Partners, and ClassM.

The awards also recognised leading financial and legal advisory firms shaping West Africa’s mergers and acquisitions landscape. PwC emerged as the top financial adviser by deal value, followed by Rand Merchant Bank Nigeria, Citigroup Global Markets, and Treadstone Resource Partners. Rand Merchant Bank Nigeria and Stanbic IBTC Capital shared the top position for financial advisory by deal activity.

Banwo & Ighodalo led as the top legal adviser by deal value, ahead of Clifford Chance, G. Elias, and White & Case. In terms of deal flow, Banwo & Ighodalo secured the top spot, followed by Olaniwun Ajayi and Herbert Smith Freehills.

For equity transactions, Stanbic IBTC Capital was ranked the top financial adviser by transaction value, while Templars led as the top legal adviser in the same category. In debt transactions, Afreximbank ranked highest by value, with Olaniwun Ajayi leading in legal advisory.

Since launching its awards in South Africa in 2000 and expanding to the rest of Africa in 2008, DealMakers AFRICA has continued to spotlight key transactions shaping African economies.

The latest rankings reflect the increasing sophistication of West Africa’s mergers and acquisitions landscape, as both local and international firms navigate complex deals that are transforming industries across the region.