(Ecofin Agency) - Investment fund founded by billionaire Ibrahim Mo and focused on providing long-term growth capital to African businesses, Satya Capital, sold its 63.4% stake in Hygeai Nigeria Ltd, Nigeria’s leading private healthcare company, for $66.8 million.

Satya Capital who acquired the shares in the firm’s capital in 2009 for $18 million therefore exits with a juicy profit of $47.8 million. Commenting on the transaction, the group said: “Satya is proud of the role it has played in Hygeia’s growth and the value it has helped create”.

The new investment was made by a consortium led by International Finance Corporation (IFC), a member of the World Bank group. This one was already in a partnership with Nigerian healthcare holding, and participated in the 2009 financial support by injecting $8 million, composed of a $4 million loan and the rest provided by the Dutch development fund.

IFC previously supported the Investment Fund For Health in Africa which focuses on healthcare services in Africa and who held prior to the current transaction, 17.4% of Hygeai with Elebute who founded the healthcare group and who presently owns 14.8% of its capital.

The new setting of the Nigerian group’s board is yet to be announced. The entering consortium is comprised of few new institutions namely, Re-Insurance Company Swiss Re and Mauritian company Ciel Healthcare Company. For the record, this is Ciel Healthcare’s second investment in the African health sector. Truly, it announced on December 21, 2015, a joint-venture with Proparco, AFD’s arm in charge of the private sector.

Idriss Linge