Angola submits bid for Anglo American’s De Beers stake as Botswana and investor groups compete
Angola has submitted a formal offer to acquire Anglo American’s 85% majority stake in De Beers, joining a growing list of potential buyers that includes Botswana and investor groups led by former De Beers executives.
State-owned Angolan diamond producer Endiama presented a “concrete and well-defined proposal” and is moving forward with subsequent steps, said CEO José Manuel Ganga Júnior, who declined to provide further details due to the confidential nature of negotiations.
The sale is part of Anglo American’s ongoing restructuring, initiated 17 months ago. The formal sales process began in June, attracting bids from groups led by Gareth Penny and Bruce Cleaver, both former De Beers executives.
Botswana, which owns 15% of De Beers and where most of its mining operations are located, is also seeking a controlling stake. President Duma Boko described the effort as a matter of economic sovereignty.
Angola’s bid marks a shift from its previous plan to acquire only a strategic minority stake and partner with Botswana.
Last year, Angola overtook Botswana to become Africa’s leading diamond producer by value for the first time in two decades, according to the Kimberly Process.
Ganga Júnior noted that Endiama hopes to reach an understanding with Botswana, though he did not confirm whether talks have already occurred.
He highlighted that access to De Beers’ proprietary mining technology and marketing systems would help Angola make significant advances.
As an existing shareholder, Botswana retains the right to match offers from external parties.
Anglo CEO Duncan Wanblad said the company is under no obligation to sell to any specific buyer but welcomed interest from sub-Saharan countries, including Angola, as a positive signal for De Beers’ value.
De Beers is valued at roughly $5 billion, though UBS notes that bids could land in the $3–4 billion range, potentially exceeding market expectations despite challenging conditions and negative cash flow.
“Even with depressed rough diamond prices, the sale of De Beers could positively surprise,” UBS said, compared with a sell-side consensus value of $2.5 billion.
