Private Equity in Africa

Clifford Chance

“This firm is a market leader when it comes to private equity work. It has an impressive international network which allows the team to offer sector-specific advice across a number of jurisdictions. The firm is held in high regard by clients for its hands-on attitude and multidisciplinary approach... Client Service ‘They are superstars: very straightforward to deal with, and they get things done very quickly.’” Chambers UK 2011: Private Equity

Clifford Chance

“Clifford Chance is already a well-established name in project finance, but continues to develop its reputation in African corporate and commercial matters, particularly in the private equity arena. The firm has a dedicated Africa group ensuring seamless interaction between its various offices and specialised practitioners. Sources say ‘I enjoy that I can pick up the phone and get access to the partners straight away. When I work with them I have complete confidence in the deal’.”

Chambers Global 2010: Africa, Corporate / Commercial

Some of our key private equity contacts

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Partner, London Kem Ihenacho

T: +44 20 7006 1348

Transactional Private Equity

E: [email protected]

Partner, Paris Mustapha Mourahib

T: +33 1 4405 5152

Debt finance (including Project & Infrastructure finance)


Senior Associate, London Titus Edjua

T: +44 20 7006 3052 E: [email protected]

Partner, London Nigel Hatfield

T: +44 20 7006 1834

Fund Formation


Partner, Frankfurt Edmund Boyo


Partner, London Jeremy Connick


Partner, London Gerard Saviola


Clifford Chance

Long standing experience and commitment to Africa

Chambers Global Directory 2011 – Clifford Chance ranked “Top Tier” for Africa

We have been advising clients on business relating to Africa for more than 30 years. Currently nearly 200 lawyers from around the Clifford Chance network provide multi-jurisdictional and multi-lingual coverage for clients spanning a range of industry sectors including power, oil and gas, water, mining and metals, transport, leisure, financial services and telecoms. Our lawyers speak English, French, Arabic, Spanish and Portuguese, and include both partners and associates of African origin.

Our dedicated Africa Group concentrates our capabilities for Africa into a highly versatile team of lawyers who have worked together for many years on some of the most complex and innovative transactions regarding Africa. We provide the highest quality legal services to clients relating to African transactions.

We have invested time in building relationships with the best law firms in Africa to ensure we can execute transactions to the highest standard

With Africa Group lawyers throughout our global network, we are able to provide support to clients as transactions, parties or locations change. China, India and the Middle East are regions where our Africa Group are becoming more active.

One of our key value added services is to ensure that we fully understand our clients’ risk appetite, and seek to mitigate that risk whether through practical advice regarding counterparties or advice in relation to political risk mitigation.

It is our business to know who is active and interested in Africa, and what their investment appetite is, so that we can help bring parties together to do business relating to Africa.

Clifford Chance LLP 4

Clifford Chance

Africa and Middle East:

Abraaj Capital on the US$1.4 billion acquisition of Egyptian Fertilisers

Company

Actis on the acquisition (including related financing arrangements) of a

9.33% stake Commercial International Bank (Egypt) SAE from a consortium

of selling shareholders led by Ripplewood Partners for a consideration of

approximately US$244 million

Actis on the 100% management buy-out of Mediterranean Smart Cards

Company (‘MSCC’), the premium electronic payment processor in Africa

Helios Investors Partners on its partnership in a joint venture with Vitol to

acquire the African downstream business of Royal Dutch Shell PLC for

approximately US$1 billion

Istithmar on the US$1 billion acquisition of the Victoria & Alfred Water front in

South Africa (in consortium with London & Regional)

African Finance Corporation on its investment in Seven Energy

The Lenders on the US$825 million reserves-based debt facility for Blackstone

and Warburg Pincus backed company Kosmos Energy, in relation to its

development of the Jubilee Oil Field in Ghana

Stanbic IBTC and Standard Bank on the debt facilities in connection with the

Actis led development of the Ikeja Mall in Lagos

Standard Chartered Private Equity on its investment in Seven Energy

Indicative African Private Equity transactional expertise

Clifford Chance

This funds titan is unmatched in the sheer breadth and depth of its global practice, advising clients around the world on a comprehensive spectrum of funds needs.

Chambers Global 2010: Private Equity

We have a market leading funds formation team with a wealth of emerging markets experience advising:

A selection of our fund formation experience

Abraaj Capital: Abraaj Buyout Fund IV (US$4 billion target)

Actis: Actis Emerging Markets 3 (US$2.9 billion)

Affinity Equity Partners: Affinity Asia Pacific Fund III (US$2.8 billion)

Ashmore: Ashmore Global Special Situations Fund (US$1.3 billion)

Actis: Canada Investment Fund for Africa

IHS: South Africa Fund

Actis: Actis Africa Fund III

HSBC: Special Investments: Peru Privatisation Fund

3i: India Infrastructure Fund (US$1 billion)

Inter-American Development Bank: IDB Infrastructure Fund (US$750 million)

Asian Development Bank: Asia Infrastructure Fund (US$780 million)

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Clifford Chance

Band 1 rankings in Chambers for private equity transactions

Chambers Global 2011 Private Equity: Global

Chambers Asia 2011 Investment Funds: Private Equity: Asia-wide Corporate/M&A: Private Equity: Asia-wide Private Equity: Buyouts (International Firms): China

Chambers UK 2011 Private Equity: UK-wide

Chambers Europe 2010 Private Equity: Germany Private Equity: Netherlands Private Equity: Poland Private Equity: Russia Private Equity: Spain

No. 1 for private equity transactions (but don’t just take our word for it)

Private Equity International Awards Best Asian Law Firm Transactions 2006 and 2009 Best European Law Firm Transactions 2001-2010

IFLR Europe Awards 2009 Private Equity Team of the Year and Private Equity Deal of the Year

Legal Business Awards 2009 Private Equity Team of the Year

EVCA/Real Deals European Private Equity Awards 2008 Legal Adviser of the Year

BVCA/Real Deals The Private Equity Awards 2008 Legal Adviser of the Year

Financial Times and Mergermarket Awards Private Equity Legal Adviser of the Year 2007 and 2008

Private Equity News Awards Private Equity M&A Legal Team of the Year 2006, 2007 and 2009

EVCJ Awards Private Equity Law Firm of the Year 2001, 2002, 2003, 2005 and 2007

Private Equity Real Estate Awards Global Law Firm of the Year (Transactions) 2008 and 2009 North America Joint Law Firm of the Year (Transactions) 2009

7 Clifford Chance LLP

Clifford Chance

No. 1 for private equity transactions (but don’t just take our word for it)

We have more tier one rankings globally than any other law firm:

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Private Equity: based on MergerMarket announced deals advising either buyer or seller by volume and/or value

Clifford Chance LLP

Private Equity Europe

2011 Clifford Chance No. 1









Clifford Chance

We offer unrivalled expertise across all aspects of private equity

We have developed long standing and close relationships with many of the leading players in the private equity market: we have been active in this sector for over 20 years

we are the preferred law firm for many of the leading private equity houses

recognised as Europe’s pre-eminent PE legal adviser for the last decade

We offer unrivalled expertise across all aspects of private equity including: fund establishment and structuring (acting for both managers and investors)

transactional private equity (direct investments, joint ventures, recaps and exits)

insolvency and distressed situations

advice on regulatory matters, competition and anti-trust

acquisition finance and high yield issues

securitisations, asset backed and real estate financing techniques

collateralised debt obligation issues

on-going work for portfolio companies

Our global network provides a truly integrated, leading international private equity practice: we have adopted a standardised approach to many elements of our working practices to

ensure that we provide a consistent and first class service, whichever office leads the deal

our standardised due diligence procedures make transactions more efficient

our project management processes and templates ensure that we work efficiently

we have invested in M&A guidelines and protocols across the globe

we can shape our team and its emphasis to match up to our clients requirements and their staffing arrangements

we can run elements of a transaction from whichever jurisdiction our clients prefer and can provide multi-jurisdictional project teams when required

Our unrivalled experience of the finance markets ensures that our private equity clients are at the forefront of market developments:

providing commercially focussed legal expertise on all financing techniques including senior and mezzanine debt, high yields, opco/propco and real estate financing, asset backed financing, infrastructure financing, second liens, PIKs and hybrid financing instruments

helping clients to understand the market and anticipate financing issues and possible solutions

we constantly analyse legal and market developments and their consequences and look at these with our clients (most recently in relation to the credit crunch and liquidity crisis)

Clifford Chance LLP 9

Worldwide contact information 33* offices in 23 countries

*Clifford Chance also has a co-operation agreement with Al-Jadaan & Partners Law Firm in Riyadh

Abu Dhabi Clifford Chance 13th and 14th Floors Al Niyadi Building Airport Road Sector W-14/02 PO Box 26492 Abu Dhabi United Arab Emirates Tel +971 (0)2 419 2500 Fax +971 (0)2 419 2600

Bucharest Clifford Chance Badea Excelsior Center 28-30 Academiei Street 12th Floor, Sector 1 Bucharest, 010016 Romania Tel +40 21 66 66 100 Fax +40 21 66 66 111

Istanbul Clifford Chance Kanyon Ofis Binasi Kat. 10 Büyükdere Cad. No. 185 34394 Levent, Istanbul Turkey TEL +90 212 339 0001 FAX +90 212 339 0098

Moscow Clifford Chance Ul. Gasheka 6 125047 Moscow Russian Federation Tel +7 495 258 5050 Fax +7 495 258 5051

Rome Clifford Chance Via Di Villa Sacchetti, 11 00197 Rome Italy Tel +39 06 422 911 Fax +39 06 422 91200

Warsaw Clifford Chance Norway House ul.Lwowska 19 00-660 Warsaw Poland Tel +48 22 627 11 77 Fax +48 22 627 14 66

Amsterdam Clifford Chance Droogbak 1A 1013 GE Amsterdam PO Box 251 1000 AG Amsterdam Tel +31 20 7119 000 Fax +31 20 7119 999

Doha Clifford Chance Middle East LLP Clifford Chance QFC Branch Suite B, 30th floor Tornado Tower Al Funduq Street West Bay P.O. Box 32110 Doha State of Qatar Tel +974 4491 7040 Fax +974 4491 7050

Kyiv Clifford Chance 75 Zhylyanska Street 01032 Kyiv, Ukraine Tel +38 (044) 390 5885 Fax +38 (044) 390 5886

Munich Clifford Chance Theresienstraße 4-6 80333 Munich Germany Tel +49 89 216 32-0 Fax +49 89 216 32-8600

São Paulo Clifford Chance Rua Funchal 418 15th Floor 04551-060 São Paulo SP Brazil Tel +55 11 3019 6000 Fax +55 11 3019 6001

Washington, D.C. Clifford Chance 2001 K Street NW Washington, DC 20006 - 1001, USA Tel +1 202 912 5000 Fax +1 202 912 6000

Bangkok Clifford Chance Sindhorn Building Tower 3 21st Floor 130-132 Wireless Road Pathumwan Bangkok 10330 Thailand Tel +66 2 401 8800 Fax +66 2 401 8801

Dubai Clifford Chance 3rd Floor The Exchange Building Dubai International Financial Centre P.O. Box 9380 Dubai, United Arab Emirates Tel +971 4 362 0444 Fax +971 4 362 0445

London Clifford Chance 10 Upper Bank Street London E14 5JJ Tel +44 20 7006 1000 Fax +44 20 7006 5555

New York Clifford Chance 31 West 52nd Street New York, NY 10019-6131, USA Tel +1 212 878 8000 Fax +1 212 878 8375

Shanghai Clifford Chance 40th Floor Bund Centre 222 Yan An East Road Shanghai 200002 China Tel +86 21 2320 7288 Fax +86 21 2320 7256

Barcelona Clifford Chance Av. Diagonal 682 08034 Barcelona Spain Tel +34 93 344 22 00 Fax +34 93 344 22 22

Düsseldorf Clifford Chance Königsallee 59 40215 Düsseldorf Germany Tel +49 211 43 55-0 Fax +49 211 43 55-5600

Luxembourg Clifford Chance 2-4 place de Paris B.P. 1147 L-1011 Luxembourg Grand-Duché de Luxembourg Tel +352 48 50 50 1 Fax +352 48 13 85

Paris Clifford Chance 9 Place Vendôme CS 50018 75038 Paris Cedex 01 France Tel +33 1 44 05 52 52 Fax +33 1 44 05 52 00

Singapore Clifford Chance One George Street 19th Floor Singapore 049145 Tel +65 6410 2200 Fax +65 6410 2288

Beijing Clifford Chance 33/F, China World Office 1 No. 1 Jianguomenwai Dajie Chaoyang District Beijing 100004 People's Republic Of China Tel +86 10 6535 2288 Fax +86 10 6505 9028

Frankfurt Clifford Chance Mainzer Landstraße 46 60325 Frankfurt am Main Germany Tel +49 69 71 99-01 Fax +49 69 71 99-4000

Madrid Clifford Chance Paseo de la Castellana 110 28046 Madrid Spain Tel +34 91 590 75 00 Fax +34 91 590 75 75

Perth Clifford Chance Level 12, London House 216 St Georges Terrace Perth, Western Australia 6000 Tel +618 9262 5555 Fax +618 9262 5522

Sydney Clifford Chance Level 16, No. 1 O'Connell Street Sydney NSW 2000 Australia Tel +612 8922 8000 Fax +612 8922 8088

Brussels Clifford Chance Avenue Louise 65 Box 2 1050 Brussels Belgium Tel +32 2 533 5911 Fax +32 2 533 5959

Hong Kong Clifford Chance 28th Floor Jardine House One Connaught Place Hong Kong Tel +852 2825 8888 Fax +852 2825 8800

Milan Clifford Chance Piazzetta M.Bossi, 3 20121 Milan Italy Tel +39 02 806 341 Fax +39 02 806 34200

Prague Clifford Chance Jungmannova Plaza Jungmannova 24 110 00 Prague 1 Czech Republic Tel +420 222 555 222 Fax +420 222 555 000

Tokyo Clifford Chance Akasaka Tameike Tower, 7th Floor 17-7 Akasaka 2-Chome Minato-ku, Tokyo 107-0052 Tel +(81 3) 5561 6600 Fax +(81 3) 5561 6699

Riyadh (Co-operation agreement) Al-Jadaan & Partners Law Firm P.O.Box 3515, Riyadh 11481 Fifth Floor, North Tower Al-Umam Commercial Centre Salah-AlDin Al-Ayyubi Street Al-Malaz, Riyadh Kingdom of Saudi Arabia Tel +966 1 478 0220 Fax +966 1 476 9332

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Private Equity in Africa - Global M&A Toolkit...

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