# Torre Industries sells 55% stake in Kanu Equipment to African Agriculture Fund

Torre Industries sold its 55% stake in Kanu Equipment to the African Agriculture Fund (AAF) in a deal valued at $26.7 million. The transaction eliminates Torre's external debt and provides a significant net cash position. Kanu supplies earthmoving, forestry, agricultural and construction equipment across Africa.

- Type: Acquisition
- Announced: 2016-11-23
- Value: $26.7M
- Status: completed
- Products: earthmoving equipment, forestry equipment, agricultural equipment, construction equipment
- Sectors: [Industrial Machinery](https://endata.com/sectors/industrial-machinery.md)

## Companies

- [Torre Industries](https://endata.com/companies/20158.md) (partner)
- [Kanu Equipment](https://endata.com/companies/20159.md) (target)
- [African Agriculture Fund](https://endata.com/companies/20160.md) (acquirer)

## Sources

- [businessday.co.za](https://www.businessday.co.za/bd/companies/industrials/2016-11-23-torre-sells-its-stake-in-kanu-equipment/), 2016-11-23: "Torre Industries, an industrial holding company whose main activity is the distribution of branded capital equipment and other products, has sold its 55% stake in Kanu Equipment."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.