👨🏿‍🚀TechCabal Daily – MultiChoice, multiproblems

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Today on Francophone Weekly, we’re spotlighting JoonaPay, a fintech startup building a single platform for payments, treasury, and reconciliation across Francophone West Africa, where businesses still juggle multiple apps.

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Remember the Nedbank-NCBA deal that merged the borders of South Africa and Kenya in February? It’s no longer just a proposal. 

As part of the transaction, shareholders of the acquired Kenyan bank, NCBA, will receive Nedbank stock listed on the Johannesburg Stock Exchange (JSE) alongside cash payment.

On May 28, Nedbank’s tender offer for a 66% controlling stake in NCBA Group opens, giving institutional investors a July 10 deadline to decide whether to sell into the deal.

Here’s how the offer works: Shareholders who accept will get 80% of their payout in Nedbank shares listed on the JSE and 20% in cash, at a valuation of KES 105 ($0.81) per NCBA share.

Shareholders legally barred from holding offshore securities under Kenyan law will receive their entire consideration in cash instead. NCBA’s board has recommended the deal. Results are expected by July 21.

State of play: Nedbank’s acquisition of NCBA is a textbook expansion play for a bank that doesn’t want to go through the hassle of setting up a local subsidiary in Kenya. NCBA’s heavy digital banking operations also make it an attractive prospect for a lender like Nedbank that values similar play.

Nedbank CEO Jason Quinn has said the plan is to use NCBA’s network as a springboard into Ethiopia and the DRC, two large but relatively untapped banking markets on the continent.

South Africa’s Competition Commission, the country’s anti-trust regulator, has summoned MultiChoice, Africa’s largest pay-TV operator, and Allied Technologies Limited (Altech), the Durban-based decoder manufacturer, to court over a breach in market fair play rules. 

The anti-trust regulator has referred both companies to the Competition Tribunal over an alleged market-division agreement dating back to February 2014.

In 2014, MultiChoice and Altech allegedly signed a deal, agreeing not to compete in the pay-TV market. However, a few months later, Altech launched Node, a satellite-connected device that blended video-on-demand (VOD), voice communication over the Internet, and smart home features.

At the time, Node seemed like a product that could evolve into a real competitor to traditional pay-TV, MultiChoice’s dominant market. But shortly after, Altech shut down the product in 2015, citing failure to gain traction.

The grey area: For the 12 months ending February 2015, Node generated only R19 million ($1.1 million) in revenue while posting a negative earnings before interest, tax, depreciation, and amortisation (EBITDA) of R114 million ($6.8 million), supporting Altech’s claim of low traction. 

But from the regulator’s perspective, a loss-making product being shut down by a company whose biggest customer dominates the exact market that product was entering is worth scrutinising.

Why is the deal a problem? Market-division agreements are one of the clearest violations of competition law. If one company agrees not to enter a market, consumers lose the chance of better pricing, new products, or alternatives. 

In this case, if the allegations hold, it would suggest that a potential challenger stayed out of the pay-TV space, leaving MultiChoice with less pressure to compete. If proven, both companies could face penalties of up to 10% of their annual turnover.

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Egypt’s GlobalCorp may be eyeing a second exit in 5 years

Image Source: Amethis, 2022.

Egypt-based financial services company, GlobalCorp, is preparing for a potential full or majority sale, with anchor investors looking to exit in a private transaction that could close within the next two to four months. This is a private placement, meaning new investors will buy out existing ones behind the scenes, possibly taking up to 100% ownership.

The company is reportedly opening its books to interested bidders. It has kicked off due diligence on bidders, with a local publication reporting that the deal could be valued at $200 million. GlobalCorp’s interest is already strong, with a mix of strategic and financial investors circling the deal, according to local publication EnterpriseAM.

The business behind the deal: Launched in 2015, GlobalCorp offers non-banking financial services including direct and operating leases, consumer finance, and structured solutions for commercial, retail, industrial, real estate, and equipment sectors. It essentially helps businesses access working capital and individuals access credit outside traditional banking rails.

It was sold once, now it’s being sold again: This exit will be GlobalCorp’s second within five years. In 2022, a group including SPE Capital, Amethis, and the European Bank for Reconstruction and Development acquired a majority stake, valuing the company at around EGP 914 million ($17 million). This current sale is the next handover in that cycle.

Non-bank financial players like GlobalCorp grow by deploying capital at scale, which means they constantly need fresh funding to expand. That naturally creates an ownership cycle where investors come in, grow the balance sheet, and exit once the company reaches a new level of maturity. 

GlobalCorp also sells its receivables and debt as bonds to investors (factoring), enabling it to raise immediate cash to improve working capital. On Monday, it closed its latest EGP 1 billion ($18.6 million) short-term bond issuance.

How the sale works: The company will open a secure virtual data room this week, uploading financial statements and internal reports for interested buyers to review, alongside process letters laying out the next steps.

If this sale lands anywhere near the reported $200 million mark, GlobalCorp has significantly increased in value since 2022.