As certain regional competition authorities applauded its proposed purchase of further shares in funeral services provider Funeral Service Group (FSG), Africa Lighthouse Capital announced this week.
The company made an offer for the shares, which were held by Botswana Life Insurance Holdings, for P 250 million, making it the largest purchase ever done by a private equity fund in Botswana.
Africa Lighthouse Capital’s ownership of the company increased to 57.62 percent as a result of the move, making it the largest stakeholder. In 2020, Africa Lighthouse purchased the first 20% of the business from pension fund manager Alan Gray.
In October 2022, the Botswana Competition Authority approved the proposed merger, and soon after, Zambia.