How FDI Deals in Africa Are Actually Negotiated

Aligning interests to get the money in the bank; valuation traps & tactics.

Negotiation is not just a battle over price; it is a process of building trust and aligning on long-term governance. This discussion demystifies the negotiation room, outlining how legal documents progress and the friction points valuation and control, that determine whether a deal closes. Investors expect African founders to anchor valuations to local execution realities, not global tech multiples, and getting this right early is what keeps deals alive through the final stages.

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Lessons for African founders

Negotiate the term sheet, not just the final contract: Flexibility decreases as documents become more formal. Secure your essential governance and control rights early in the process to avoid costly changes later.
Ground your valuation in reality: Avoid anchoring your price to global tech multiples. Investors expect local benchmarks that reflect African execution risks and exit realities.
Trust is your greatest negotiating leverage: Attempting to hide risks that are later uncovered in due diligence will kill the deal. Proactive disclosure signals maturity and builds the chemistry needed for a partnership.
Expect phased exits: Seeking a 100% exit on day one is a major red flag. Investors prefer you stay through a transition period to ensure institutional knowledge is retained.

Panelist profiles

Vruti Shah Partner BOWMANS

Corporate lawyer with over a decade's experience on cross-border deals across Africa

Asif Noorani Principal PHATISA

Private equity investor with 10+ years' experience across emerging markets, focused on Africa

Maria Paulina Mogollon Head of Venture Capital IMPACT FUND DENMARK

Seasoned venture investor with 15+ years' experience across global emerging markets

Edward Burbidge Head of Emerging Markets ICON

Edward leads strategic efforts in advising high-growth AfriTech & IndiaTech businesses on M&A and fundraising