Adebayo Ogunlesi’s GIP to be acquired by BlackRock for $12.5 billion💰

In today’s menu

💰 Adebayo Ogunlesi’s GIP to be acquired by BlackRock for $12.5 billion
⚖️ SAP to shell out $100m for African fraud settlement
☀️ Sun King’s expansion bolstered by a $7m debt investment from Lendable
😰 Citigroup set to lay off 20,000 employees
👨🏻‍💻 Opportunities

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💰 ACQUISITIONS

Adebayo Ogunlesi’s Global Infrastructure Parners to be acquired by BlackRock for $12.5 billion

Global Infrastructure Partners (GIP), a leading infrastructure investor with over $100 billion in assets under management, has agreed to be acquired by BlackRock for $12.5 billion in cash and stock. BlackRock has committed to paying $3 billion in cash and issuing 12 million of its own shares to GIP’s six founders, including Chair Adebayo Ogunlesi. Of these shares, 7 million will be transferred at the deal’s closing, with an additional 5 million due in five years.

Adebayo Ogunlesi is the Founding Partner, Chairman, and CEO of GIP whose prime assets include Sydney and London Gatwick airports, the Port of Melbourne and the Suez water group, extensive green energy holdings and a stake in a big shale oil pipeline. GIP has over 40 portfolio companies which generate over $75 billion in annual revenue and employ approximately 115,000 people around the world.

BlackRock, Inc. is an American multinational investment company and it is the world’s largest asset manager, with $9.42 trillion in assets as of June 30, 2023……read more

⚖️ LEGAL

SAP to shell out $100m for African fraud settlement

Germany-based software firm, SAP, has agreed to pay a penalty of nearly $100 million to settle bribery accusations made by the US Securities and Exchange Commission (SEC). SAP eventually conceded to a financial penalty of about $100 million for violation of the Foreign Corrupt Practices Act (FCPA) due to bribery schemes involving multiple countries including South Africa, Malawi, Kenya, Tanzania, Ghana, Indonesia, and Azerbaijan.

As per SEC’s statement, SAP committed to halt any infractions of these provisions and will have to pay the disgorgement in $85 million, together with a prejudgment interest of more than $13.4 million, totaling over $98 million. However, the penalty will be reduced by SAP’s prior payment of up to $59 million to the South African government regarding the same issue..…..read more

💵 FUNDING

Sun King’s expansion across Africa bolstered by a $7m debt investment from Lendable

Sun King, earlier known as Greenlight Planet Inc, one of the largest providers of solar energy products for off-grid homes in Africa and Asia, has secured a loan worth $7 million from Lendable, a top financer of fintech companies in emerging and frontier markets.

This collaboration will empower Sun King to expand its operations, thereby facilitating the access of clean energy solutions to more low-income customers all over Africa through its pay-as-you-go financing model..…..read more

Lapaire secures $3m equity investment to expand across Africa

Pan-African eyecare startup, Lapaire, has secured US$3 million in equity funding to support its expansion plans across Africa. Established in 2018, Lapaire has been delivering reliable and accessible eyecare services by offering stylish, quality eyeglasses at reasonable prices through a customer-centric one-stop-shop model. Since its inception, the startup has conducted eyesight tests for over 300,000 individuals, significantly improving the lives of 180,000 among them.

Operating 58 branches in six African countries, namely Ivory Coast, Togo, Benin, Mali, Burkina Faso, and Uganda, Lapaire plans to use the recently secured funds to extend its reach in these existing markets and to venture into new ones…..read more

Tanzanian Health-tech startup Dawa Mkononi secures funding to enhance healthcare access

Dawa Mkononi, a B2B pharmaceutical firm based in Tanzania, has received funding to further its goal of increasing healthcare access throughout East Africa. The company’s financial backer’s include the Sanofi Global Health Unit Impact Fund, Pontem Ventures, Warioba Ventures, Villgro Africa, Axian Group, and several regional venture capitalists. The funding will advance the company’s mission to provide universal access to necessary medications….read more

😰 LAYOFFS! LAYOFFS!! LAYOFFS!!!

Citigroup set to lay off 20,000 employees

Citigroup is set to lay off 20,000 employees over the next two years, according to CFO Mark Mason. This decision follows the company’s reporting of a net loss of $1.8 billion for Q4 2023, marking its worst quarter in a decade and a half. The bank recorded a considerable loss of earnings, suffering a loss of $1.16 per share for Q4, which is significantly more than the estimated loss of 11 cents per share as predicted by FactSet..…read more

Other layoffs

• Pixar, the animation studio owned by Disney, is set to experience layoffs this year

• Amazon’s audiobook and podcast division, Audible, is set to cut about 5% of its workforce

• Japanese cybersecurity firm, Trend Micro, has announced that it’s laying off 2% of its global workforce

• Discord, the popular messaging service for gamers, has confirmed that it is laying off 17% of its workforce

🚀 OPPORTUNITIES

• Cohort 2 of the Visa Accelerator Program is now open for applications. Calling All Fintech Innovators in Africa! 🌍 Cohort 2 of the Visa Accelerator Program is now open for applications. Join this exciting 3-months journey to propel your startup towards unprecedented growth and recognition. It's time to unleash your entrepreneurial spirit and forge a path to success in the vibrant fintech landscape. Click here to apply. Application deadline: February 18, 2024

• CcHUB is currently accepting applications from EdTech companies interested in becoming members of our 2024 cohort. The Fellowship is now in its second year, and it is looking for new innovations from startups who have EdTech solutions that could change the way people learn from preschool to the workplace. Click here to apply. Application Deadline: 17th February, 2024

• Application open for the MEST Training Program. The MEST Training Program is a one year, fully sponsored, graduate-level program in tech entrepreneurship. During this full-time and fully sponsored program, Entrepreneurs-in-Training (EITs) expand their skills and knowledge in software development, business, and communications while developing viable businesses.  The program culminates in an investor pitch with the opportunity to receive seed funding and enter MEST’s portfolio for company incubation. Click here to apply. Application Deadline: 18th March 2024