5 July 2018
Clifford Chance advises African Infrastructure Investment Managers (AIIM) in their investment into the aeroport holding company SEGAP
Clifford Chance advised African Infrastructure Investment Managers (AIIM), Africa’s largest and most experienced infrastructure-focused private equity fund manager and a member of Old Mutual Alternative Investments, in connection with its acquisition, through African Infrastructure Investment Fund 3 (AIIF3), of a 50% stake into Société d’Exploitation et de Gestion Aéroportuaires (SEGAP), a holding company with an established portfolio of airport investments across West and Central Africa.
The investment further diversifies AIIF3’s portfolio both from a geographical and sector standpoint. SEGAP holds interests in three concession companies operating 5 airports in Cote d’Ivoire, Gabon and the Republic of Congo and handling more than 4 million passengers per annum. The company remains 50% owned by the Egis Group, an experienced airport operator with a long track record in Francophone Africa.
AIIM will complement Egis’ operational and technical expertise by contributing additional strategic support to the business and providing access to capital for further expansion. This transaction will allow SEGAP to capitalize on growth opportunities as the African aviation sector matures and opens up for private sector investment in airport infrastructure.
AIIF3 is AIIM’s third pan-African fund, focused primarily on power, transportation and energy infrastructure across sub-Saharan Africa. Including SEGAP, AIIM has made six investments on behalf of the AIIF3 fund. This acquisition marks AIIM's first investment in Gabon, Cote d’Ivoire and Congo Republic.
The Clifford Chance team that advised AIIM in this transaction was led by Mustapha Mourahib, Managing Partner and Co-head of Africa Practice, assisted by Gauthier Verdon, senior associate and Aolaia Snaïba, junior associate for the corporate/M&A law operation and by Jean-Baptiste Merigot de Treigny and Clement Fricaudet for the concession aspects.