Deals - Feb 20, 2025

Asafo & Co. is pleased to announce its role as legal advisor to Beltone Capital, a wholly owned subsidiary of Beltone Holding, an Egyptian Stock Exchange-listed financial services provider focused on the Middle East and North Africa (MENA) region, in its acquisition of a majority stake in Baobab Group, a leading microfinance provider, from Apis Partners, Abler Nordic and AXA Investment Managers Alternative.

This strategic acquisition strengthens Beltone Capital’s footprint in the financial services sector and aligns with its regional expansion strategy into high-growth African and emerging markets. Baobab Group operates across seven African countries , including  Senegal, Côte d’Ivoire, Madagascar, Burkina Faso, Mali, the Democratic Republic of Congo, and Nigeria, serving approximately 500,000 customers. Through this acquisition, Beltone Capital aims to enhance financial inclusion and drive sustainable economic growth across these markets.

The transaction remains subject to various regulatory and antitrust approvals.

The Asafo & Co. team advising Beltone Capital was led by partner Patrick Larrivé who was assisted by associates Maxence Létisse and Adji Meriem Dieng, as well as associates Guy-Fabrice Holo, Zineb Benabdellah, Habiba Bensaid, Assia Khalidi and Othmane Mestari. Rothschild & Co. (Luc Hanon) acted as the financial advisor to Beltone Capital.