Deals - Mar 15, 2024

Asafo & Co. advised Adenia on its agreement with Air Liquide for the acquisition of 12 subsidiaries in West and Central Africa and the Indian Ocean.

Adenia Partners (Adenia), a private equity firm that focuses on responsible and sustainable investments in Africa, has signed an agreement with Air Liquide, a major supplier of industrial and medical gases, to acquire its operating entities in Benin, Burkina Faso, Cameroon, Congo, Côte d’Ivoire, Gabon, Ghana, Madagascar, Mali, the Democratic Republic of Congo, Senegal, and Togo.

The entities will form a new, independent pan-African industrial gases group, that will benefit from Adenia’s support and additional investments to accelerate the development of these businesses. As part of the transaction, Air Liquide has also entered into a long-term contract with Adenia to supply certain industrial and specialty gases, which together with its technical support during the transition, will enhance future investments.

The Asafo & Co. team advising Adenia was led by partner Patrick Larrivé, who was supported by Safaa El Khammal, Senior Associate and associates Christy Komba Malongo, Guy-Fabrice Holo, Souhail Sassi, Zineb Benabdellah, Assia Khalidi, Noor Rachid, as well as Charlène Ntsiba, Of Counsel.

Completion of this transaction is subject to customary regulatory approvals.