US awards $25m construction contract for Djiboutian base

The US Department of Defense has awarded a $25m military construction contract to five Djiboutian companies.

The contracts between the local firms and the US Naval Facilities Engineering Systems Command’s Europe Africa Central unit will enhance infrastructure at Camp Lemonnier, a US military base, and other defence installations in Djibouti. “This enduring partnership underscores our shared regional security goals and positively contributes to the Djiboutian economy”, said Eilis Cancel, commanding officer at Camp Lemonnier.

South Africa’s BevCo sold to Varun Beverages of India in $156m deal

India-listed Varun Beverages, the largest PepsiCo bottler outside the US and China, has acquired South Africa-based Beverage Company (BevCo) in a deal with an enterprise value of 3bn rand ($157m). BevCo is one of the largest carbonated soft drinks producers in Southern Africa: its portfolio includes brands such as Jive and Cooee. BevCo also bottles and distributes PepsiCo-branded non-alcoholic beverages in South Africa and has five manufacturing facilities in the country, in addition to operations in Lesotho, Eswatini, Namibia, and Botswana.

TLcom raises $154m to invest in technology, expanding into Egypt

TLcom Capital, based in London, has announced the final close of its second venture capital fund for technology in Africa, TIDE Africa Fund II, at $154m. More than twice the size of TLcom Capital’s first fund, the early-stage fund has secured investment from firms such as European Investment Bank, AfricaGrow, and the Visa Foundation. The money will be used to expand beyond sub-Saharan Africa into Egypt and invest in startups tackling the continent’s “biggest and most complex challenges with innovative solutions,” the firm said.

Mining giant BHP makes $39bn bid for Anglo-American

BHP, the world’s largest copper miner in 2023, aimed to cement its top spot with a $39bn bid for Anglo American on 24 April. If BHP completes the deal, the company will account for around 10% of global copper production. The first reaction from Anglo American was an outright rejection on 26 April. The South African government has reacted angrily to reports that BHP would exclude Johannesburg-listed Anglo American Platinum and Kumba Iron Ore from the proposed deal. Development in new technologies such as AI and electric cars, compounded with the worldwide shift to cleaner energy, contributes to the global scramble for metals. Copper prices have gone up by 15% this year on the London Metal Exchange.