Angola has officially joined the race to acquire Anglo American’s 85% majority stake in De Beers, submitting a formal bid through its state-owned diamond producer, Endiama, as competition intensifies among African and international suitors.
Endiama’s CEO José Manuel Ganga Júnior confirmed that the company has presented a “concrete and well-defined proposal” and is progressing to the next stage of discussions. He declined to share further details, citing the confidentiality of the ongoing negotiations.
The sale forms part of Anglo American’s restructuring programme, launched 17 months ago, aimed at streamlining its global portfolio. The formal bidding process began in June 2025, attracting interest from investor groups led by former De Beers executives Gareth Penny and Bruce Cleaver.
Meanwhile, Botswana, which already holds a 15% stake in De Beers and hosts most of the company’s diamond mining operations, has declared its intention to pursue a controlling interest, with President Duma Boko describing the move as essential to the country’s economic sovereignty.
Angola’s latest offer marks a strategic shift from its earlier plan to acquire only a minority position and partner with Botswana. The timing is notable — Angola recently overtook Botswana to become Africa’s leading diamond producer by value for the first time in two decades, according to the Kimberley Process.
Ganga Júnior emphasized that Endiama hopes to reach an understanding with Botswana, though he did not confirm whether discussions have taken place. He added that gaining access to De Beers’ proprietary mining technology and marketing systems could significantly advance Angola’s diamond industry.
As an existing shareholder, Botswana retains the right of first refusal, allowing it to match any external offer.
Anglo American CEO Duncan Wanblad said the company is under no obligation to sell to any specific buyer but welcomed the “strong interest from sub-Saharan countries” as a reflection of De Beers’ enduring strategic value.
Analysts estimate De Beers’ valuation at around $5 billion, though UBS suggests that bids may fall in the $3–4 billion range — potentially above market expectations despite ongoing challenges in the rough diamond sector and negative cash flow trends.
“Even with depressed rough diamond prices, the sale of De Beers could positively surprise,” UBS noted, contrasting with a sell-side consensus valuation closer to $2.5 billion.
