DLA Piper Africa, Kenya (IKM Advocates) is pleased to be advising the U.S. International Development Finance Corporation (DFC) as local counsel in relation to a USD180 million (approximately KES. 23.6 billion) financing of Acorn Holdings Limited (Acorn) for the expansion of the Purpose-Built Student Accommodation (PBSA) program (marketed as Qwetu and Qejani).
Kenya is the commercial hub for East Africa. The country’s capital, Nairobi, houses the headquarters of an esteemed list of local, regional and international companies and organizations.
In the field of corporate law, IKM has built a sound reputation for progressive counsel and is often involved in complex and novel transactions.
Our practice comprises a solid team of acclaimed lawyers noted for their wealth of experience. The practice cuts across several industries including: financial services, private equity, capital markets, telecommunications, energy, mining and infrastructure, education and technology.
Our key mandates comprise all manner of transactional assignments, assuring clients of well-rounded representation.
Experience has included advising:
- Britam Holdings Plc, a diversified financial services group listed on the Nairobi Securities Exchange, in the sale of 6.7% stake it held in Equity Group Holdings Plc valued at approximately KES13.4 billion (approximately USD114 million) to the International Finance Corporation by way of a private transaction outside the securities exchange.
- Advised Ascent Rift Valley Fund II LP on its recent acquisition of a minority controlling stake in Dune Packaging Limited, a leading paper packaging manufacturer in Kenya and East Africa.
- KCB Group Plc, in its acquisition of Banque Populaire du Rwanda Plc.
- Safaricom Plc (a subsidiary of Vodacom and East Africa’s largest company by market capitalisation), on its proposed regional expansion into Ethiopia, in our capacity as independent legal counsel appointed by the Government of Kenya, one of the significant shareholders of Safaricom.
- Acorn Holdings Limited, a leading real estate company, on the listing of a KES5 billion (approximately USD43 million) green bond at the Nairobi Securities Exchange which was Kenya’s first certified green bond. The bond was also the first Kenyan corporate bond to be cross-listed at the International Securities Market segment of the London Stock Exchange. Subsequently, acted for the parties to upsize the bond to KES5.7 billion.
- Sun Capital, a private equity firm, and Flamingo Horticulture in respect of the sale of Dudutech, Africa’s leading integrated pest management business to Bioline Agrosciences, an InVivo Group company, a transaction that won the DealMakers East Africa Deal of the Year award 2021.
- NIC Group PLC and NIC Bank Kenya Plc in respect of the merger with Commercial Bank of Africa Limited, forming NCBA Group, a deal which was awarded the “East Africa Deal of the Year” at the DealMakers Africa Annual Gala Awards 2019.
- Nutreco International B.V. in the establishment of joint ventures in Kenya and Uganda with Unga Farm Care (EA) Limited.
- Cellulant Corporation on its Series-C equity capital raising from The Rise Fund (TPG’s global impact investment fund), Endeavour Catalyst, EchoVC Africa, Velocity Capital, Progression Capital and TBL Mirror.
- Compagnie Gervais Danone S.A., in its acquisition of a 40% stake in Brookside Dairy Limited, one of the leading dairy companies in East and Central Africa with subsidiaries in Uganda and Tanzania.
- General Electric in respect of the sale of its interest in a 100MW wind farm in Kipeto, Kenya to a Macquarie and Old Mutual African infrastructure fund.
- CMC Holdings Limited in its acquisition by Al Futtaim Auto & Machinery Company (based in Dubai) through the capital markets takeover legal framework.
- BOC Kenya Plc in its proposed takeover by Carbacid Investments Plc and Aksaya Investments LLP.
- Co-operative Bank of Kenya Limited, a leading Kenyan bank, in its acquisition of Jamii Bora Bank Limited (now Kingdom Bank Limited).
- Glacier Products Limited (GPL) in a capital-raising transaction in which Agri-Vie Fund II (Pty) Limited, a private equity fund focused on food and agribusiness investment in Sub-Saharan Africa, invested in GPL.
- Ranked Tier 1 in Commercial, Corporate and M&A (The Legal 500 2019 - 2024)
- Ranked in Corporate/M&A (Chambers & Partners Global 2019 - 2024)
- Ranked Tier 1 in Capital Markets and M&A (IFLR1000 2024)
- Private Equity Deal of the Year East Africa (Deal Makers Awards 2022)
- M&A Team of the Year - Highly Commended (Africa Legal Awards 2022)
- Private Equity Deal of the Year (IFLR Africa Awards 2022)
- Ranked Tier 1 in M&A (IFLR1000 2022)
Broadly put, the goal of competition law and competition regulation is to promote fair competition in a market, with the aim of facilitating economic growth and protecting the interests of the ultimate consumers in a market.
Environmental, social and governance (ESG) practices are increasingly influencing capital allocation decisions as investors move beyond financial performance to consider risk-adjusted returns. As a consequence of this shift, disclosures relating to these practices, referred to as ESG disclosures are gaining traction especially amongst listed companies.
The words Bitcoin or Ethereum may not fall within our everyday lingo but most of us know they are digital currencies or “cryptocurrencies” that are not controlled by the Central Bank of Kenya (CBK) and can be sent to anyone without the need of an intermediary.
Since the advent of the Sherman Act of 1890 in the United States of America, competition and ant-trust regulation has been gaining Global prominence. Competition and anti-trust laws are essential for regulating competition in order to facilitate ethical economic growth and consumer protection. Anti-competitive behaviour which includes restrictive trade practices such as cartels, collusions, price fixing, abuse of dominance and predatory pricing is largely frowned upon and regulated in several jurisdictions. With growing and expanding business models, spurred by globalisation and technological advancements, the character and nature of what constitutes anti-competitive behaviour has evolved since 1890, and competition laws and regulations have equally evolved.