Bboxx Reportedly Acquires Ghana’s Peg Africa for $200 Million
Bboxx, a London-headquartered cleantech startup that provides clean energy in Africa, has reportedly acquired PEG Africa, another cleantech startup based in Accra, in a deal worth $200 million, according to 2 insiders close to the story.
This deal is the largest across all categories—including venture funding, grant, or M&A—in the African cleantech startup ecosystem. Such a large injection signals the maturity of the sector and sets the stage for more capital injection into it.
Though signed paperwork exists, the acquisition is still subject to customary closing conditions, including an agreement with lenders. Where arrangements are concerned, institutional lenders like Nairobi- and London-based Sunfunder and Swiss ResponsAbility, which both finance PEG’s operations, will need to take their time to move entities (aka debt) from PEG to Bboxx. These moving parts may take another 3 weeks to go into effect, according to the source.
Photo courtesy of cowins.