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Equity’s James Mwangi makes Bloomberg 50 list

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By JOHN MUTUA, Source: Business Daily

Data and news service provider Bloomberg has named Equity Group  Chief Executive James Mwangi one of the 50 people in the world who defined 2019 in business, entertainment, finance, politics, science and technology.

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The lender’s aggressive deal-making in the regional banking market earned Mr Mwangi a spot in the third edition of Bloomberg 50.

Equity signed an agreement with London-listed Atlas Mara to buy its four banking units in a share swap deal.

The Nairobi Securities Exchange-listed firm is set to take a 62 percent stake in Banque Populaire du Rwanda and full ownership of BancABC Tanzania, BancABC Mozambique and Atlas Mara Zambia.

It will issue new shares valued at $105.4 million (Sh10.6 billion) to Atlas Mara to seal the deal.

Equity is also simultaneously seeking to buy a 66.5 percent stake in Banque commerciale du Congo in a transaction that would cost it Sh10.7 billion in cash.

“I am honoured to be part of this incredible group of people, who are changing the world in significant ways and driving their important messages home, with commitment and passion,” said Mr Mwangi in a statement.

The Kenyan executive joined other dealmakers in the list including Americans Vicki Hollub and Shari Redstone.

Ms Hollub recently led her energy firm Occidental Petroleum to acquire Anadarko Petroleum with the help of Warren Buffett’s Berkshire Hathaway, outbidding Chevron Corporation in the $55 billion (Sh5.5 trillion) deal.

Besides business leaders, Bloomberg also recognised people in politics and entertainment including singer Robyn Rihanna.

The individuals were selected by Bloomberg’s editorial team.

“Bloomberg reporters and editors from around the world have answered these questions and more for the third annual Bloomberg 50, our look at the people in business, entertainment, finance, ­politics, and science and technology whose 2019 accomplishments merit recognition, applause, and, maybe, extra pickles,” the news service said.

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