MEDIA COMMENT BY PETER LEON (PARTNER AND AFRICA CO-CHAIR AT HERBERT SMITH FREEHILLS) | 2021 STATE OF THE NATION ADDRESS

The COVID-19 pandemic has had a devastating impact on the South African economy. According to the World Bank’s most recent Global Economic Prospects Report (published last month; here) South Africa’s Gross Domestic Product (GDP) likely contracted by 7.8 per cent in 2020. This is three times more than the average contraction experienced in other Emerging … Read more

AN INTERVIEW WITH HERBERT SMITH FREEHILLS LLP DISCUSSING M&A IN AFRICA

Lexology GTDT Market Intelligence provides a unique perspective on evolving legal and regulatory landscapes. This interview is taken from the M&A volume featuring discussion and analysis of legal developments, keynote deals as well as an insight into typical transactions within key jurisdictions worldwide. 1. What trends are you seeing in overall activity levels for mergers … Read more

HERBERT SMITH FREEHILLS ADVISES SENIOR LENDERS ON US$450M SENIOR FINANCING FOR THE ACQUISITION OF AN INTEREST IN OML 17 ONSHORE NIGERIA

Herbert Smith Freehills has advised the senior lenders, including ABSA Bank Limited, African Export-Import Bank and Standard Chartered Bank, on the US$450 million senior financing of the acquisition of an interest in OML 17, a Nigerian onshore asset. The transaction, which concludes an acquisition process that began in 2017, sees the acquisition by TNOG Oil … Read more

AFRICA M&A OUTLOOK 2021

The following brief discussing our M&A predictions in Africa in 2021 accompanies our latest global M&A report, M&A in 2021, which you can download here. Covid and its consequences   It is still too early to know the full impact of COVID-19 given the heterogeneity of the continent, the uncertainty surrounding the evolution of the pandemic … Read more

NEW EXTENSION OF THE DEADLINE TO COMPLY WITH THE NEW CEMAC REGULATION

On November 5th, the Governor of the Central Bank for Central African States (the “BEAC”) issued a decision to extend the moratorium period granted to extractive companies to comply with CEMAC Regulation No. 02/18/CEMAC/UMAC/CM relating to foreign exchange (the “New CEMAC Regulation”) until 31 December 2021. This is rather good news for mining and petroleum … Read more

TRENDS & DEVELOPMENTS: PROJECT FINANCE 2020 – SOUTH AFRICA

Authors: Brigette Baillie and Biddy Faber Trends & Developments in the South African market during 2020 South Africa has historically had a strong showing in the public-private partnership (PPP), concessions and independent power project (IPP) markets, having undertaken: PPPs in the healthcare, prisons, transport infrastructure, serviced government office accommodation and biosciences sectors; concessions in the … Read more

AFRICA RENEWABLE ENERGY: ENERGY TRANSITION AND THE AFRICAN RENEWABLES MARKET

For our clients looking to invest in the “green” energy sector, the African renewables market is occupying a growing space in strategic thinking. Projected GDP expansion and rapid population growth will drive up energy demand in Africa, which combined with the presence of rich renewable resources (including wind, solar, geothermal and hydropower) means that African … Read more

AfCFTA PROTOCOL MUST PROVIDE A FAIR REGULATORY ENVIRONMENT AND PROTECTION FOR INVESTORS

Authors: Peter Leon, Ernst Muller and Natasha Rachwal Negotiators have an opportunity to fashion a regime that supports modern investment policies by promoting sustainable development.  With less than three months before the expected conclusion of negotiations on the African Continental Free Trade Area’s (AfCFTA) protocol on investment increasing attention is being paid to the protocol’s … Read more

Ethiopia’s Renewable Energy Goals

While Ethiopia has expanded its energy production capacity tenfold in the past 25 years, it continues to experience energy shortages as it struggles to meet its population’s demand for electricity. Ethiopia’s population is growing by more than 20% per year and it is struggling to provide access to electricity, which is currently available only to … Read more