Baker & McKenzie has advised Citadel Capital SAE Platform Company Africa Railways Ltd on a major fundraising that saw leading international investors subscribe to a USD70 million capital increase.
This brings total funds raised for the transaction, including senior debt and equity, to USD275 million.
Participating institutions included IFC African, Latin American and Caribbean Fund, LP (ALAC), the private equity fund managed by the IFC Asset Management Company, LLC; Dutch development bank FMO; German development finance institution DEG; FISEA, a vehicle dedicated to investment in Sub-Saharan Africa owned by France’s Agence Française de Développement and managed by its subsidiary PROPARCO; and the International Finance Corporation.
Baker & McKenzie London Partner and Head of Investments Funds James Burdett, who led on the deal, says: "Citadel Capital is a valued client of Baker & McKenzie and we are pleased once again to have worked on such a significant deal, which continues their track record of winning significant investment from global institutions and investing into Africa."
The Baker & McKenzie team also included London Investment Funds Associate, Priya Kumar.
Citadel Capital Managing Director Karim Sadek (pictured), says: “This investment will fuel ARL’s ability as lead shareholders to fund Rift Valley Railways (RVR) as it executes a five-year, multi-point rehabilitation program that will see RVR make a quantum leap in operating standards. We are most grateful to Baker & McKenzie for their assistance in this landmark transaction.”
