Hunton Andrews Kurth Represents IFC on $157.4 Million Equity Investment in Safaricom Ethiopia

On June 8, 2023, International Finance Corporation (“IFC”) agreed to invest up to $157.4 million in Global Partnership for Ethiopia BV (“GPE”), the holding company of Safaricom Telecommunications Ethiopia Private Limited Company (“Safaricom Ethiopia”). The investment will support the ongoing construction and operation of Safaricom Ethiopia's greenfield telecommunications network in Ethiopia and the provision of financial services under the brand name M-PESA. The existing direct and indirect shareholders of GPE include Vodacom Group Limited, Safaricom PLC, Sumitomo Corporation and British International Investment PLC. 

Closing of the equity investment is subject to the fulfilment of several conditions.

IFC’s legal team is being led by IFC Principal Counsel Helen Ibbotson. James Comyn and Katrina Ashman of Hunton Andrews Kurth (UK) LLP are international and English law counsel to IFC. Dutch legal advice is being provided by Van Doorne N.V. Mesfin Tafesse & Associates are advising IFC on matters of Ethiopian law.

GPE and its shareholders are represented by a Norton Rose Fulbright LLP team led by Oliver Stacey, Victoria Scopes and Christopher Baird.

IFC In-House Counsel:

Helen Ibbotson, Principal Counsel

Hunton Andrews Kurth:

James Comyn, Partner

Katrina Ashman, Associate