This transaction is the latest in a series of high-profile international investments into the continent that the firm has advised on.

Freshfields Bruckhaus Deringer LLP (‘Freshfields’) has advised Ajinomoto Co., Inc. (‘Ajinomoto’), Japan’s largest food company, on its acquisition of a 33.33% stake in Promasidor Holdings Limited (‘Promasidor’) from the founding Rose family and Tana Africa Capital for US$530m (approximately JPY55.8bn). This transaction is the latest in a series of high-profile international investments into the continent that the firm has advised on.

Promasidor is a major seasonings and processed foods manufacturer that conducts business in 36 countries across the African continent. By combining Ajinomoto’s extensive product development capabilities and production technologies with Promasidor’s powerful sales and distribution network in Africa, Ajinomoto and Promasidor seek to become a leading player in the seasonings and processed foods business in Africa and to contribute to the region’s well-being.

The completion of this landmark deal follows a number of other large transactions on which Freshfields has advised in Africa in 2016, including the acquisitions of SABMiller by AB InBev, of Emerging Markets Payments by Network International, of a stake in Indorama Fertilizers by The Abraaj Group and the sale of a stake in Saham Finances, the pan-African insurance group, to Sanlam, Africa’s largest insurer.

Takeshi Nakao, head of the firm’s Japan practice, said, “This transaction represents an important strategic investment for Ajinomoto into Africa. Our team was proud to support Ajinomoto on this complex, multi-jurisdictional, Japan outbound deal”.

Commenting on the transaction, partner Rob Cant said, “This transaction further highlights the attractiveness of Africa for international investors looking to tap into the consumer growth story, despite the macro headwinds. It is as another sign of the confidence of investors willing to take a long-term view on the continent”.

Shawn der Kinderen, co-head of the firm’s Africa Group, said, “With the scope of this transaction, covering 36 jurisdictions in Africa, this mandate exemplifies the cross-border work for which the firm is increasingly known on the African continent”.

The Freshfields team was led by partners Takeshi Nakao in Tokyo and Rob Cant in Dubai.