The largest independent merger adviser, Lazard Ltd announced on Monday the establishment of Lazard Africa – a firm specialising in mergers and acquisitions in Africa, where investment has increased over the last ten years.

According to AFP, head of Lazard’s Paris unit Matthieu Pigasse, who also is penned to lead the African operations, noted that though the African merger-acquisition market may be a small $25 billion, it is “growing very strongly” and “has multiplied by 10 times over the last 10 years” and “will continue to grow.”

Following the steady growth of Africa’s economy, investment interest in the market is increasing. American, European and Asian groups are attracted and wishing to develop in the market.

According to the French head, Africa’s mining and energy-based economy is experiencing increased participation from the distribution, telecommunications, financial services and transportation sectors in the African merger and acquisitions market.

According to a statement by Lazard, Michele Lamarche will head government counselling, and Julien Riant will oversee mergers and acquisitions for the African operations.

Lazard is one of the world’s largest financial advisory and asset management bank, with offices in 21 countries around the globe.