Home » Kenya’s wealthy Mukuha family eyes $41.7-million deal valuing Naivas at $379 million

Kenya’s wealthy Mukuha family eyes $41.7-million deal valuing Naivas at $379 million

by Omokolade Ajayi
Peter Mukuha Kago

The family of the late Kenyan retail tycoon Peter Mukuha Kago is set to sell an additional 11-percent stake in Naivas International, the country’s largest supermarket chain, for an estimated $41.7 million.

The move comes as the wealthy family seeks to unlock value from their holdings in the retail giant.

Once the deal is finalized, it will mark the third time the super-rich Mukuha family has divested part of their stake in Naivas. Their interest in the company will decrease from the current 60 percent to 49 percent, making them minority shareholders.

The transaction, driven by profitability and market share growth, values Naivas International at $379 million, in line with the $41.7 million offer for the 11-percent stake.

The Mukuha family fully owned Naivas until 2020, when they sold a 31.5-percent stake to a consortium comprising IFC, DEG, Amethis, and MCB Equity Fund for $61.5 million. The proceeds from that sale were reinvested in the supermarket’s nationwide expansion.

In September 2022, the Mukuha family further reduced their stake by selling an 8.5-percent share to IBL Group, a conglomerate led by Mauritian businessman Arnaud Lagesse, in collaboration with French financier Proparco and German sovereign wealth fund DEG.

The transaction, valued at Ksh3.7 billion ($31.5 million), demonstrated the continued interest of foreign investors in Naivas.

Building on this momentum, IBL Group recently announced its decision to subscribe to additional shares in Mambo Retail, the investment vehicle that currently holds a 40 percent stake in Naivas International.

This move will enable the acquisition of another 11 percent stake in the company. Consequently, Mambo Retail will secure a controlling interest of 51 percent, while the Mukuha family will retain a 49 percent stake in Naivas.

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