• Sunday, 23 June 2024
Julius Mwale a Kenyan Tycoon Among Investors In Ksh.109 Billion Forbes Acquisition

Julius Mwale a Kenyan Tycoon Among Investors In Ksh.109 Billion Forbes Acquisition

Kenyan tycoon Julius Mwale has been named as one of the investors in the Ksh.109 billion ($800 million) acquisition of US business news and information publisher Forbes.

American news outlet Axios on Tuesday reported that US tech billionaire Austin Russell was a leader of the consortium that raised money for 82% of Forbes ownership, which includes Mwale.

Mwale is the founder of the Mwale Medical and Technology City (MMTC) in Kakamega and is reportedly putting “tens of millions of dollars into the Forbes buyout.

“Austin Russell, the 28-year-old American CEO of Electric vehicle tech company Luminar Technologies plans to put in only $10 million of his own money as part of his bid to buy 82% of Forbes for $656 million... the rest is almost all coming from foreign investors,” Axios reported.

“Limited partners of investment group funding bid include Kenyan businessman Julius Mwale who will put in tens of millions of dollars.”

Other partners include US investment firm Global Silicon Valley (GSV); Sun Group, a conglomerate from India, and Kazakistan businessman Bulat Utemaratov.

Hong Kong-based Integrated Whale Media (IWM) acquired a majority of Forbes from the Forbes family a decade ago and will retain 8% after the sale.

Mwale last month attended Forbes Under 30 Summit in Botswana where he was the keynote speaker.

The Forbes profile of Mwale on the summit's website describes him as an industrial entrepreneur and investor with vast experience of more than 20 years in innovative investments in technology, energy, health, retail, and construction industries.

He is currently the principal of the $2 billion MMTC, which aspires to build 18 smart cities by 2050.

Forbes’s buyout comes a year after the publisher pulled out of a deal to go public through a special purpose acquisition company.

In August last year, Reuters reported that Forbes hired Citigroup to manage the sale through "exclusive discussions".

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