• Beltone acquires Baobab Group for €197.6 million
• Deal expands footprint into seven sub-Saharan countries
• Baobab serves 1.6 million customers, €848.8 million portfolio

Egyptian holding company Beltone has completed its acquisition of Baobab Group, a leading financial inclusion player in Africa, for €197.6 million (approximately $235 million). The deal was announced on Tuesday, February 10, 2026.

Beltone, which operates in brokerage, asset management, and investment banking, acquired 100% of Baobab through its subsidiary Beltone Capital. The transaction marks Beltone's first cross-border acquisition and its largest deal to date. After signing the initial share purchase agreement on February 11, 2025, with Baobab's shareholders, including British fund Apis Partners, which fully divested its stake, Beltone secured all required regulatory approvals to complete the transaction.

Geographic expansion

The acquisition gives Beltone an immediate presence in seven sub-Saharan African countries: Senegal, Côte d'Ivoire, Burkina Faso, Mali, Madagascar, Nigeria, and the Democratic Republic of Congo. This extends the Egyptian Stock Exchange-listed holding company's footprint beyond Egypt and North Africa into key West and Central African markets.

Nigeria, one of the continent's largest economies, represents a priority market. Baobab currently holds a microfinance license there and plans to significantly expand its branch network.

Baobab Group specializes in financing micro and small enterprises. As of the third quarter of 2025, it served approximately 1.6 million customers and managed a loan portfolio of €848.8 million, with nearly half of loans distributed through digital channels.

Since its founding more than 20 years ago, Baobab has granted nearly four million loans with a cumulative volume exceeding €9.2 billion. The group operates through regulated subsidiaries across several African countries.

In late April 2025, Baobab sold its stake in Baobab Plus to BioLite, a U.S. company specializing in off-grid energy solutions, allowing the group to refocus entirely on financial services.

Chamberline Moko