French private equity fund, Amethis Finance, is set to acquire about a 30 percent stake in Naivas Limited in a deal estimated to be worth billions of shilling.

According to Business Daily, the transaction are at an advanced stage with the parties now awaiting regulatory approval before making a formal announcement.

The investment comes after the PE fund announced that it was seeking Ksh. 36 Billion for investment in 11 countries, including Kenya. Amethis announced a final close of the Pan-African fund in July last year having raised Ksh. 42 billion, which was Ksh. 6 billion above the set target.

It is expected that the fund might invest anywhere between Ksh1.1 billion and Ksh. 4.4 billion going by their past data on investments.