Beltone Holding has announced the successful completion of its acquisition of Baobab Group, through which Beltone Capital, a wholly owned subsidiary of Beltone Holding, acquired 100% of Baobab for a total consideration of €197.6m.
The transaction marks Beltone’s first cross-border acquisition and the largest deal in the company’s history, underscoring management’s commitment to creating sustainable shareholder value through disciplined expansion into high-potential markets.
Completed following the receipt of all required regulatory approvals, the acquisition reflects strong confidence in Beltone’s institutional strength, shareholder base, and leadership team. It also represents a pivotal step in advancing the company’s long-term growth strategy and expanding its cross-border investment platform across Africa.
Through the acquisition, Beltone expands its geographic footprint to seven African markets—Senegal, Côte d’Ivoire, Madagascar, Burkina Faso, Mali, the Democratic Republic of Congo, and Nigeria—reinforcing its position as a leading regional financial services provider.
Baobab Group is a leading provider of micro and small business finance with a strong focus on digital solutions. As of the end of the third quarter of 2025, Baobab served approximately 1.6 million customers and managed a loan book of €848.8m, with around 50% of loans disbursed through digital channels supported by intelligent credit-decision systems. Since its inception more than 20 years ago, Baobab has disbursed around four million loans to small businesses, with cumulative financing volumes exceeding €9.2bn.
The acquisition brings together Beltone’s operational capabilities, regional expertise, and innovation-led, data-driven financial model with Baobab’s deep local presence in micro and small business finance. The combination is expected to support sustainable growth, expand access to finance, and strengthen entrepreneurship across the communities they serve.
Following completion of the transaction, Beltone and Baobab will work closely to develop and scale inclusive, technology-enabled financial solutions that support long-term economic growth across Africa. The milestone follows the strategic share purchase agreement signed on 11 February, after obtaining all necessary regulatory approvals.
