Simmons & Simmons has advised African Lakes Corporation on its dual listing, which makes it the only company to be listed on both the Nairobi and London stock exchanges. Canaccord Capital, advised by SJ Berwin, acted as its corporate broker and Close Brothers Corporate Finance, advised by Ashurst Morris Crisp, was the sponsor.
More than 26 million shares were sold, funding African Lakes' acquisition of Telcorp, the owner of 99.9 per cent of internet service provider (ISP) Africa Online. Telcorp was advised by Baker & McKenzie.
With the same funding, Africa Online, advised by Trowers & Hamlins in Cairo, has bought the Egyptian ISP ManaNet. The value of the combined transactions is £24m.
Edward Lukins led Mike Gagie and Cara Hill for Simmons & Simmons. Alison Courtier advised on tax.