Clifford Chance

Clifford Chance advise CDC on the largest announced equity investment transaction in East Africa this year

International law firm Clifford Chance has advised CDC Group plc, the UK's Development Finance Institution, on a major investment in East Africa which was closed and announced this week.

The investment, closed on 3 October, saw CDC make a primary equity subscription of US$ 140 million in ARM Cement Limited, a listed Kenyan company which produces cement, lime and fertilizer in Kenya, Tanzania and Rwanda. This is the largest announced equity investment transaction in East Africa this year. Anjarwalla & Khanna provided Kenyan law advice to CDC.

The Clifford Chance team was led by Nigel Wellings, with Jennifer Mbaluto (Senior Associate) and Danny Mutisya (Senior Associate), both of whom are Kenyan qualified lawyers, supporting.  Clifford Chance's Jennifer Storey (Senior Associate) provided antitrust advice.