Oct 25, 2021

DaHui Advises Fintech Leader MFS Africa on its First Acquisition in Nigeria

MFS Africa has announced the signing of an agreement to acquire Capricorn Digital, owner of Baxi, one of Nigeria's leading super-agent networks. The all-cash deal remains subject to the approval of the Central Bank of Nigeria, and once closed, will be the second-largest fintech acquisition in Nigeria to date.

MFS Africa is the largest pan-African digital payments hub, which continues to accelerate and lift its growth through strategic investments and acquisitions.

Founded in 2014, Baxi is one of Nigeria’s largest independent electronic payment networks, processing over $1 billion in transaction annually through a network of more than 90,000 agents.

The DaHui team, led by partner Mark Young, served as deal counsel to MFS Africa, advising on all stages of the transaction, including term sheet negotiation, due diligence and transaction documentation. The same DaHui team also served as deal counsel on MFS Africa’s 2020 acquisition of Beyonic, an SME-focused fintech provider in East Africa.

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