Bboxx Acquires PEG Africa
Bboxx is joining forces with PEG Africa, one of the largest providers of distributed energy in West Africa and one of the continent's fastest-growing companies.
PEG is a solar energy pioneer in West Africa and has one of the broadest footprints in the region with operations in four countries, close to 100 service centres and over 500 employees. The acquisition will transform the continent's utility sector by making Bboxx and its group of companies the largest network in Africa for utility services and a driving force behind access to goods and services for underserved communities.
To date, Bboxx has provided more than 2.5 million people with access to clean energy and other products. Following the acquisition, Bboxx will have over 250 shops and 4,000 staff, positively impacting the lives of 3.5 million people in 10 operating markets across Africa. The combined customer payments received for Bboxx's expanding range of products are expected to total more than two million payments per month or about one per second, making it one of the largest digital payment platforms in Africa.
PEG has expanded rapidly across West Africa, reaching one million people with its solar home systems (SHS) in Senegal, Ivory Coast, Ghana, and Mali. Through the acquisition of PEG, Bboxx consolidates its position as a leading source of clean energy solutions in Africa, with over 35 MW of installed solar capacity.
PEG customers will now benefit from Bboxx's super platform, offering an extensive range of products and services including additional solar home systems (SHS), clean cooking solutions, accessible finance products, and mobile phone technology. In turn, Bboxx will gain access to new customers and markets, as well as PEG's extensive operational experience and credit capabilities, which generates the best portfolio quality in the industry.
All customers will be managed through Bboxx's proprietary, fully integrated operating system, Bboxx Pulse®. The deal represents the first time that Bboxx Pulse® has been used to integrate a new company, as well as its services and customers, into the Bboxx fold. It marks a major step forward as Bboxx progresses with its transition from being mostly a provider of clean energy solutions, to becoming a super platform, providing access to goods, services and utilities to underserved rural communities and aspiring urban ones across Africa.
The agreement was closed on 6th September 2022. Financials have not been disclosed. Bboxx was advised by Lions Head Global Partners.