UK solar home systems provider Bboxx has confirmed the acquisition of its competitor PEG Africa. With this transaction, announced by AFRIK 21 in May 2022, Bboxx is gaining a foothold in the rural electrification market in West Africa.
Bboxx is accelerating its expansion in West Africa. The solar home systems provider has just confirmed a deal that AFRIK 21 announced in May 2022. The London, UK-based company is officially buying out its competitor PEG Africa, which has been operating in West Africa since its inception in 2013.
With this takeover, Bboxx takes over all of PEG’s assets in Ghana, Ivory Coast, Senegal and Mali. The company has nearly 100 service centres, more than 500 employees and at least 1,000 sales agents offering its services in households. Like Bboxx, PEG pre-finances and installs electricity access kits, mainly in rural areas.
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To date, PEG has provided access to electricity to at least one million people in West Africa. “PEG founders Hugh Whalan and Nate Heller have built an outstanding company that has changed a million lives for the better. Their dedicated team, excellent customer service and focus on the customer experience will only make Bboxx stronger as we come together to continue to drive economic development in Africa,” acknowledged Mansoor Hamayun, Bboxx’s managing director.
The UK company is keeping the financial details of the deal under wraps. But in May 2022, sources indicated a transaction of 300 million dollars. In any event, Bboxx was advised on the deal by Lions Head Global Partners. The company claims an installed capacity of 35 MW. With the acquisition of PEG, Bboxx will have more than 250 shops and 4,000 employees, and will positively impact the lives of 3.5 million people in 10 countries in Africa.
Jean Marie Takouleu