Beltone looking to acquire a majority stake in Baobab: Beltone Holding subsidiary Beltone Capital has entered into a put option agreement to acquire a majority stake in African service financial provider Baobab, according to a company statement (pdf). The acquisition is set to drive Beltone’s regional growth strategy through expansions in Africa.

Boabab? Founded in 2005, the company is a leading financial service provider offering financial access to African small businesses and micro entrepreneurs. Baobab operates across seven African nations, including Senegal, Côte d’Ivoire, Madagascar, Burkina Faso, Mali, Democratic Republic of Congo, and Nigeria and has 500k customers.

The details: Beltone’s board of directors approved obtaining a shareholder’s loan to finance the acquisition, contingent on signing a binding share purchase agreement and securing regulatory approvals.

What they said: “This marks a significant milestone in our strategic data driven expansion into high-potential and digitally scalable African and Emerging Markets. We are committed to a

transformational impact in financial services backed by Data Science and AI to ensure

ongoing sustainable growth.” Beltone Holding Group CEO Dalia Khorshid said.

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