GEPF acquires minority stake in Bayport Management Ltd

20 May 2015

Bayport Management Ltd (“BML or “the Group”), an emerging market provider of innovative, relevant and uplifting financial solutions to a broad economically active population, today announced the $149 million investment into the Group by the Public Investment Corporation (PIC) for a minority stake. The PIC was acting on behalf of the Government Employees Pension Fund (GEPF). Based in Mauritius, BML operates in nine countries across Africa and Latin America.

Co-founders and joint CEOs of BML, Grant Kurland and Stuart Stone, say this landmark transaction adds to the Group’s investor base Africa’s largest investment partner, holding assets under management of approximately $150 billion* (approximately R1.8 trillion). The PIC has a significant emerging market footprint and, as a strategic investor is expected to add significant value to the Group. “Partnering with a powerhouse African investor will enable BML to access previously untapped growth opportunities and to further expand our product offering in our combined markets”, say Kurland and Stone.

Dr Daniel Matjila, the Chief Executive Officer of the PIC says BML is an attractive partner given its unique pan African and Latin American footprint, covering countries such as South Africa, Botswana, Ghana, Mozambique, Tanzania, Uganda, Zambia, Colombia, and most recently Mexico. “The PIC is excited about partnering with BML because this partnership enables us to deliver on our investment mandate for the rest of the African continent and other emerging markets. Moreover, the partnership with BML will enable the PIC to actively participate in bringing financial services to historically-underserviced markets, effecting socio-economic upliftment of African nationals and those in other emerging markets.”

The partnership offers significant scope for growth. Dr Matjila says: “We are investing in a proven management team with vast knowledge and experience, as reflected in a successful track record of operating across multi-country jurisdictions.” BML’s other major shareholders include the group’s founders; Investment AB Kinnevik, the Swedish listed entrepreneurial investment group with a market capitalisation of $9 billion; and Helios Investment Partners, a leading Africafocused private investment firm managing funds totalling over $3 billion.

The transaction remains subject to certain conditions and is expected to complete in May 2015. Capitelle Limited acted as corporate advisor to BML in this transaction.

*Currency conversions as at 20 May 2015.

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