Fiona N. Magona

Fiona is a Partner in the MMAKS Corporate team with over 15 years’ experience in multi-jurisdictional commercial transactions cutting across corporate M&A, private equity, energy, mining and natural resources, projects & infrastructure, and general corporate commercial, regulatory and investment advisory.

Fiona is consistently ranked by IFLR1000 as a highly regarded lawyer, and described by Chambers and Partners as highly efficient, effective and customer oriented. She provides legal and strategic commercial advice on cutting edge transactional work across sectors like telecom, broadcasting, insurance, education, banking, manufacturing, gaming, mining and energy.

She routinely handles legal due diligences, advises on corporate transactional structuring, negotiates local and cross border transactional agreements and commercial operational agreements. She has an impressive knowledge of the local regulatory framework and is commended for her advice on compliance issues, licensing regimes, and issues affecting local and foreign investors. Some of her clients include SN Power, Africa Rivers Fund, SN54.

Fiona holds a LLM in commercial law from the University of Birmingham (United Kingdom), has previously worked with a top tier law firm in Johannesburg South Africa, has served placements at a former FTSE 100 mining company in Johannesburg, and also with Slaughter and May, a magic circle law firm in London.

• Advocate, High Court of Uganda
• Member, Uganda Law Society.
• Member, East Africa Law Society (EALS)

• LL.M (Commercial Law), Birmingham University, England
• Diploma in Legal Practice (Bar Course), Law Development Centre, Kampala
• LL.B (Hons.), Makerere University, Uganda

2017 – Date: Partner, MMAKS Advocates

2012 – 2016: Senior Associate, MMAKS Advocates

2008 – 2012: Senior Associate, Bowman Gilfillan Attorneys, Johannesburg

2004 – 2007: Associate, A F Mpanga Advocates (Bowmans Uganda)

2003 – 2004: Clerkship, Kasirye Byaruhanga & Co Advocates

• Fiona is endorsed by IFLR 1000 as a highly regarded corporate M&A lawyer in Uganda.
• Fiona is also ranked by Chambers Global described as highly efficient, effective and client oriented.
• Nominee for Best Female Lawyer Private Practice Uganda Law Society, Women in Law Awards 2019

• Advising SN Power Invest Netherlands, a subsidiary of SN Power AS, a Norwegian company that invests in clean renewable energy on a commercial basis in connection with its acquisition of a 49.75% stake in Bujagali Energy.
• Advising Leapfrog Strategic African Investments, a private equity fund, in connection with its proposed acquisition of part of the majority stake in ICEA Lion Group, a leading East African insurance, asset management and investment services group, including conducting legal due diligences on three companies ICEA Lion Asset Management (Uganda), ICEA Life Asset Company (Uganda) and ICEA General Insurance Company (Uganda), the Ugandan subsidiaries of the ICEA Lion Group and advising on the regulatory landscape for insurance and asset management in Uganda including all applicable statutory, and contractual consents, permit and approvals required for the transaction.
• Advising TPG Growth III LP, a private equity firm that specialises in small to middle-market growth equity, in connection with its proposed acquisition of a 45% stake in Azam Television Group, a satellite, Direct-To-Home (DTH), pay television provider with a Ugandan subsidiary called Azam Media (U). The transaction involved an internal restructuring through the transfer of shares in Azam Media (U) to an offshore holding company that would have a majority stake in Azam Media (U). TPG Growth III LP would then acquire 45% of the shares in the Holdco.
• Acting for ResponsAbility Renewable Energy Holding (rAREH), a Mauritius based investment company with a focus on small-scale renewable energy projects in East Africa, including conducting a comprehensive due-diligence on two hydropower projects; reviewing of the respective power purchase agreements, construction contracts, operations & maintenance agreements, land leases, governmental support agreements, financing documents, shareholder and shareholder loan agreements, and other relevant material contracts, regulatory licences, employment contracts, insurance arrangements etc; producing a red-flag due-diligence report; and providing legal advice on the hydro power and energy regulatory landscape, consulting regulators on a no-names basis for confirmation of policies and practices.
• Advising Prudential, a British multinational life insurance and financial services company headquartered in London, United Kingdom, in connection with a proposed acquisition of a 73% stake in GenAfrica Asset Managers, a pension fund manager in Kenya, with a branch in Uganda, including conducting a due diligence on the Ugandan branch; advising on the regulatory landscape for pension funds in Uganda; and obtaining approvals required for the transaction, the process, documents, timing and cost involved.
• Advising a private equity fund based in the UK in connection with its proposed acquisition (through an SPV incorporated by it) of shares in Bujagali Holding Power Company (BHPCL), which is a shareholder in Bujagali Energy (BEL), including conducting a comprehensive legal due diligence on the operations and existing contractual status of both BHPCL and BEL with the Government of Uganda, completing detailed regulatory questionnaires on foreign investment and hydro power regulation in Uganda and reviewing and commenting on the transaction agreements from a Ugandan law perspective.
• Advising a government agency in connection with the regulatory framework applicable to a proposed Public Private Partnership for the construction of a highway in Kampala, funded by the IFC, including advising on regulatory issues on procurement of contracts with the government, environment matters, employment and immigration matters, finance and tax.
• Advising a Middle Eastern private equity investor in connection with a potential acquisition of a stake in a prominent hydro power project in Uganda, including advising on corporate governance and compliance issues, regulatory permits, environmental compliance, employment laws, property laws, insurance, etc.
• Advising a leading communications company in Uganda in connection with the proposed acquisition of a majority stake by Dentsu Aegis Network, a multinational media and digital marketing communications company headquartered in London, including advising on the structure of the transaction, negotiating the letter of intent, assisting with a comprehensive legal due diligence on the target’s operations and reviewing and negotiating the transaction agreements.
• Advising a leading gaming company in Europe in connection with its proposed acquisition (through an SPV) of majority shares in an entity holding the national lottery business in Uganda, including conducting a comprehensive legal due diligence on the operations and existing contractual status of the target company, advising on the regulatory environment for lottery, gaming and betting services in Uganda and drafting and negotiating the transaction agreements.
• Advising a Swiss mining company in connection with the acquisition of a majority stake in a mining company in Uganda valued at approx. USD 100 million.
• Advising a client in connection with the acquisition of a telecommunications operator in Uganda valued at USD 100 million.
• Acting for a client in connection with the verification of acquisition of a stake in a Ugandan hotel by an SPV in Uganda wholly owned by a private equity fund based in the Isle of Man.
• Advising a foreign based aerospace defence company in connection with setting up their business in Uganda, as a government defence contractor in the aviation and aerospace activity sector, including advising on the best suited corporate structure and the regulatory environment relevant to the activities proposed by client, including entering into contracts with government, employment laws, property laws, aviation laws, immigration, tax, etc.