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Week commencing 27 May
British multinational BP is nearing the sale of its stake in a major Egyptian oil and gas company, Gulf of Suez Petroleum Company (GUPCO), to Dubai-based Dragon Oil for more than $600m. The sale will mark the end of BP’s 50-year-old partnership in GUPCO as it focuses on developing Egypt’s large offshore gas reserves.
Reuters 23 May
Canadian-based gold mining company Barrick Gold has submitted an offer to buy the balance of Acacia Mining shares for $787m. Barrick already owns 63.9% of the London-listed Acacia and proposed to buy out minority shareholders as part of efforts to resolve a 2017 tax dispute with the Tanzanian government.
Reuters 24 May
African investment firm The Rise Fund has invested an undisclosed amount in drone medical supplies company, Zipline. Established in 2016, Zipline enables health workers to place orders by text message and receive their deliveries in 30 minutes on average.
Liquid Africa 24 May
Tunisia-based financial services company AfricInvest has invested $7m in InstaDeep, an artificial intelligence (AI) startup, with participation from New York-based co-investment fund, Endeavor Catalyst. The funding supports the development of a scalable product platform aimed at empowering enterprises with better decision-making using AI.
Africa Global Funds 24 May
Dutch-African health payments firm CarePay has raised $45m growth capital in its financing round to expand beyond Kenya into Tanzania and Nigeria. The CarePay platform digitally connects health payers such as insurers, beneficiaries and healthcare providers on to one mobile platform, to transact and communicate with each other in real-time.
Liquid Africa 20 May