Actis Capital LLP, a private equity firm focused on investments in emerging markets, has sold 39 percent of Umeme, a Uganda-based energy distributor, for $85.5 million, with Investec Asset Management buying 18.5 percent in for $40 million.
Actis sold the remainder to about 20 institutional investors, including Uganda’s National Social Security Fund (NSSF). The secondary offer was oversubscribed. Umeme is listed on the Uganda Securities Exchange and Nairobi Securities Exchange. Actis will continue holding 21% in the company.
Following the deal, Actis and Investec become the largest shareholders in Umeme. The investors are expected to continue to support the company’s plans to expand its distribution network across Uganda, and sign up additional customers to the grid.
“On a continent where the lack of energy provision has proven to be one of the biggest constraints to realising economic potential, Umeme has greatly improved and extended access to power across Uganda over the past decade,” said Roelof Horne, portfolio manager at Investec Asset Management.
Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, Private Equity Investor, Fund of Fund, Private Equity Business, Private Equity Industry, PE, Actis, Actis Capital LLP, Emerging Market, Umeme, Uganda, Investec Asset Management, National Social Security Fund, NSSF, the Uganda Securities Exchange, Nairobi Securities Exchange, Roelof Horne.