Kenyan tycoon Julius Mwale was on Tuesday, May 17, revealed to be among global billionaires seeking to buy shares in American business magazine, Forbes.
According to Axios, a news outlet based in the US, the Kenyan billionaire joined the Ksh90 billion bid which is being led by Luminar Technologies CEO Austin Russell - who is behind the production of sensors used in self-driving cars.
Reports indicated that Mwale would contribute billions of shillings (estimated to be tens of millions of dollars) towards the purchase.
However, the exact money he is expected to spend was yet to be made public. The shares he would take up at the company were equally not revealed.
Other billionaires in the deal include Bulat Utemuratov, who will contribute Ksh6 billion and India-based Sun Group vice chairman Shiv Khemka.
The billionaires are seeking to buy 82 per cent of the media company established in 1917.
Apart from the billionaires, other companies were reported to be part of the buyout team including Integrated Whale Media (IWM) which is based in Hong Kong.
The group is set to consolidate its funds in the next six months before the deal is sealed.
“For over 100 years, Forbes has served as the authority representing success and business news at a global scale, and I’m honoured to be selected by the owners as the new steward of the brand.
"My hope is that Forbes can continue to even better serve its readership by helping objectively inform, recognize, and challenge leaders to tackle society’s biggest challenges under this mission, with high-quality content as well as platforms for its business-focused community,” lead investor Austin Russell stated.
Mwale is the founder of Mwale Medical and Technology City which is based in Kakamega County.
The medical facility has a 5,000-bed capacity with the entire project estimated to cost Ksh2 billion.
Apart from living in Kenya, the billionaire also has a home in New York neighboring Former President Donald Trump and billionaire Bill Gates.
