Beltone Capital acquires Apis Partners’ full majority stake in Baobab: UK private equity outfit Apis Partners has fully exited its majority stake in African SME-focused financial services provider Baobab Group, with Beltone Holding subsidiary Beltone Capital acquiring the company’s stake, Apis Partners said in a press release. The price tag of the acquisition was not disclosed.

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We saw this coming: Beltone Holding announced yesterday that it had inked a share purchase agreement to acquire a majority stake in the African SME-focused financial services provider for an undisclosed amount. The news followed a previous announcement last month that Beltone Capital had entered into a put option agreement to acquire the stake.

The acquisition is in line with Beltone’s expansion plans: Beltone has been looking toward expansion for some time now, with Beltone Holding CEO and managing director Dalia Khorshid previously stating that the firm was looking to expand into high-growth regional markets. Baobab, for its part, has existing operations in Senegal, Côte d’Ivoire, Madagascar, Burkina Faso, Mali, Democratic Republic of Congo, and Nigeria, along with a 500k customer base.

What they said: “This strategic acquisition marks a significant milestone in our data-driven regional expansion into high-growth African and emerging markets, reinforcing our commitment to financial inclusion and impactful product offerings,” Khorshid said in the press release. “Baobab’s strong market presence enhances our ability to provide innovative financial solutions, fostering its growth, enhancing its digital capabilities, and expanding its client base with scalable, technology-driven services that drive economic empowerment.”

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