Bboxx, the leading provider of life-changing products and services across Africa, announced its acquisition of PEG Africa, one of the largest distributed solar energy companies in West Africa.
Founded 12 years ago, Bboxx positions itself as a "super platform" to transform lives and unlock potential of billions of underserved African customers through access to an extensive range of products and services. Today, Bboxx has supplied more than 2.5 million people with access to clean energy and other products.
PEG Africa is a solar energy pioneer in West Africa and has operated in four countries with close to 100 service centers and over 500 employees. It has expanded rapidly across West Africa over the past few years, reaching one million people with its flagship solar home systems in Senegal, Mali, Ivory Coast and Ghana.
This acquisition will make Bboxx and its associated companies the largest network in Africa for utility services and a driving force behind access to goods and services for underserved communities, positively impacting the lives of 3.5 million people in 10 operating markets across Africa. It also consolidates Bboxx's 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 and its proprietary, fully integrated operating system, Bboxx Pulse®. At the same time, Bboxx will gain access to new customers and markets, as well as PEG's extensive operational experience and credit capabilities.
To date, Bboxx has already made great strides in its mission, but there is still plenty more to do. Commenting on the deal, Mansoor Hamayun, CEO and Co-Founder of Bboxx, said:
The agreement was closed on September 6, 2022. Financials have not been disclosed. Bboxx was advised by Lion's Head Global Partners.