Acquisitions in Morocco

Clasquin completed the acquisition of 63.52% of TIMAR SA through its subsidiary Financiere Clasquin Euromed. The stake was purchased from members of the PUECH family group at MAD 450 per share, and a mandatory takeover bid for the remaining shares is expected to be filed with Morocco’s capital markets authority.

BUTEC Group completed the takeover of 17 ENGIE-owned Energy Services companies operating across 15 African countries, with the transaction closing on March 31, 2022 following an agreement signed in December 2021. The deal expands BUTEC’s multi-technical services footprint in Africa and adds roughly 2,000 employees and executives to strengthen its energy services and building systems installation and maintenance capabilities. ENGIE divested these African Energy Services activities as part of its strategic refocus toward green energy generation and distribution.

Elcora Advanced Materials Corp. has acquired 100% of STE ERMAZONE A.R.L., which includes ten vanadium exploration licenses/concession sites in Morocco. The acquisition is intended to strengthen Elcora’s supply of vanadium minerals to support its mining and energy storage/battery technology strategy, including vanadium flow batteries. Consideration includes $500,000 in cash, 4,500,000 Elcora common shares, and monthly remuneration payments over up to three years, subject to customary closing conditions and TSX Venture Exchange acceptance.

Through its Africa Infrastructure Fund 1, A.P. Moller Capital completed the acquisition of a 49% stake in Casablanca-based grain terminal operator Mass Céréales al Maghreb (MCM). The investment is aimed at supporting MCM’s growth ambitions in grain logistics in Morocco and across Africa, alongside HOLMARCOM.