Transaction Summary
Baobab Group, a Paris-based microfinance institution focused on expanding financial access across Africa, announced the sale of its majority stake in Baobab+ Group (Baobab+) to BioLite, Inc. (BioLite), a clean energy technology company headquartered in New York and Nairobi, and formerly Baobab+’s main supplier. The sale was for an undisclosed sum. Baobab+ is a social enterprise that provides off-grid solar energy systems and digitally inclusive devices on a pay-as-you-go basis to low-income households and micro-entrepreneurs across Senegal, Côte d’Ivoire, Madagascar, and Nigeria. The acquisition positions BioLite as the new controlling shareholder, marking a vertical integration move to streamline operations and expand its African energy footprint. Norfund remains a significant minority shareholder following its prior €10 million ($10.8 million) equity investment in October 2021. The deal was supported by Enexus Finance (M&A), Gide Loyrette Nouel (legal), and PwC (tax diligence).
Terms
- Seller: Baobab+ Group
- Buyer: BioLite
- Buyer Type: Strategic Buyer
- Target: Baobab+
