Africa’s M&A Elite: West’s Top Deals & Dealmakers Honored

West Africa’s M&A Landscape Celebrated at Prestigious DealMakers AFRICA Gala

Lagos, Nigeria – The vibrant M&A and corporate finance sector of West Africa was in the spotlight at the recent DealMakers AFRICA Annual Gala Awards. Hosted at the elegant EbonyLife Place in Lagos, the event served as a platform to honour the leading transactions and advisory firms that have shaped the region’s economic landscape over the past year. The awards ceremony underscored the growing dynamism and increasing sophistication of M&A activities across West Africa.

The selection process for the majority of the awards was driven by objective metrics, focusing on deal value and the volume of transactions handled by advisory firms. This quantitative approach ensures a fair and transparent recognition of consistent performance. However, three highly coveted categories – Deal of the Year, Private Equity Deal of the Year, and Individual DealMaker of the Year – underwent a more comprehensive evaluation. These awards considered not only the scale of the deals but also their complexity, transformative impact on the market, and the potential for value creation, in addition to nominations submitted by the advisory firms themselves.

Key Transactions and Dealmakers Honoured

The prestigious “West Africa Deal of the Year” award recognised outstanding achievements in the region. Five significant transactions were initially shortlisted, showcasing the breadth of M&A activity:

• Presco’s substantial ₦236 billion rights issue.
• Bosquet Investments’ strategic acquisition of a 21.22 per cent stake in Ecobank Transnational.
• GTCO’s landmark international equity offering and subsequent listing on the London Stock Exchange.
• West Power and Gas’ disposal of a significant 60 per cent stake in Eko Electricity Distribution Company.
• The listing of the MOFI Real Estate Investment Fund on the Nigerian Exchange, highlighting growth in the real estate sector.

Ultimately, GTCO’s international equity offering and London Stock Exchange listing was crowned the winner. DealMakers AFRICA lauded this transaction as a pivotal moment for Nigeria’s capital market, demonstrating the increasing engagement of African financial institutions on the global stage. The complex deal involved a formidable team of advisers, including:

• Citigroup Global Markets
• Chapel Hill Denham Advisory
• Banwo & Ighodalo
• ALN Nigeria | Aluko & Oyebode
• N. Dowuona and Company
• White & Case
• Clifford Chance
• Udo Udoma & Belo-Osagie
• Ernst & Young

In the “Private Equity Deal of the Year” category, the competition was fierce, with four notable transactions vying for the top spot:

• The disposal of Baobab to Beltone Holdings.
• Africa Capital Alliance’s successful exit from Aradel Holdings.
• Helios Investment Partners’ strategic exit from Axxela.
• Arnergy’s significant Series B equity raise.

The award was presented to Helios Investment Partners for their exit of a 75 per cent stake in Axxela. This deal was highlighted as one of the most significant private equity exits in Nigeria’s energy sector in recent years, a testament to the enduring investor appetite for infrastructure assets. The advisory network for this transaction included:

• Rand Merchant Bank Nigeria
• Banwo & Ighodalo
• Latham & Watkins
• DLA Piper Africa (Nigeria) | Olajide Oyewole
• Asafo & Co.

The “Individual DealMaker of the Year” award celebrated exceptional personal contributions to the M&A landscape. After an initial pool of 13 nominees, seven distinguished professionals were shortlisted based on their transaction completions within the year. The finalists represented a wealth of expertise from leading firms:

• Ayodeji Oyetunde of Aluko & Oyebode
• Azeezah Muse-Sadiq of Banwo & Ighodalo
• Bimbo Oyeyiga of Rand Merchant Bank Nigeria
• Fidelis Adewole of G.Elias
• Seyi Bella of Banwo & Ighodalo
• Taofeek Siyanbola of Stanbic IBTC Capital
• Wolemi Esan of Owaniwu Ajayi

The honour was jointly bestowed upon Seyi Bella, a partner at Banwo & Ighodalo, and Bimbo Oyeyiga, Head of Corporate Finance at Rand Merchant Bank Nigeria, acknowledging their outstanding achievements and leadership in driving complex M&A deals.

Leading Advisers Across M&A and Corporate Finance

Beyond the headline awards, the gala also recognised top-performing financial and legal advisers across various segments of M&A and corporate finance.

Mergers & Acquisitions (M&A) Rankings:

• Financial Adviser by Deal Value:
  1. Standard Chartered Bank
  2. Morgan Stanley
  3. Stanbic IBTC Capital
• Financial Adviser by Deal Activity:
  1. Enexus Finance
• Legal Adviser by Deal Value:
  1. Dentons
  2. Templars
  3. Asafo & Co.
• Legal Adviser by Deal Activity:
  1. Asafo & Co.

Equity Market Transactions:

• Financial Adviser by Transaction Value:
  1. Coronation Merchant Bank
  2. FCMB Capital Markets
  3. CardinalStone Partners
• Financial Adviser by Activity:
  1. CardinalStone Partners
  2. Coronation Merchant Capital and FCMB Capital Markets (tied)
• Legal Adviser by Value and Activity:
  1. Banwo & Ighodalo
• Legal Adviser by Value (following Banwo & Ighodalo):
  1. Olaniwun Ajayi
  2. Templars
• Top Legal Advisers by Activity (among others):
  1. ALN Nigeria | Aluko & Oyebode
  2. Udo Udoma & Belo-Osagie

Debt Market Segment:

• Financial Adviser by Transaction Value and Activity:
  1. Stanbic IBTC Capital
  2. Rand Merchant Bank Nigeria
  3. Vetiva Advisory Services
• Legal Adviser by Value and Activity:
  1. Banwo & Ighodalo
  2. G.Elias
  3. Templars

The DealMakers Awards, first established in South Africa in 2000, have since expanded their reach across the African continent, with the DealMakers AFRICA platform playing a crucial role in highlighting and celebrating the continent’s burgeoning financial markets since 2008. The Lagos gala underscored the significant strides made in West Africa’s M&A and corporate finance sectors, setting a high bar for future achievements.