Who’s doing what this week in the South African M&A space?

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Who’s doing what this week in the South African M&A space?

Published Date: 2019-02-08 | Source: DealMakers | Author: Marylou Greig | Comments

Who’s doing what this week in the South African M&A space?

Exchange Listed Companies

  • Clover Industries has announced it has entered into an implementation agreement with Milco, a consortium of foreign investors, Brimstone Investment and management, to acquire all the issued shares in Clover for R25 per share, valuing the company at R4,8 billion. Brimstone will subscribe for a 15% stake for a cash consideration of R726 million. Following the implementation of the scheme, Clover shares on the Main board of the JSE and NSX will be terminated.
  • Sea Harvest has announced it has entered into a binding agreement with its 56.3% held Australian subsidiary Mareterram, to potentially acquire for cash the remaining share capital not currently held. Sea Harvest is offering A$0.25 per Mareterram share for an acquisition price for the remaining stake of A$16.9 million (R163 million). In terms of the Listing Requirements of the JSE, the proposed offer falls below the required thresholds in order for it to be deemed a categorised transaction and so not subject to Sea Harvest shareholder approval.
  • Gold Brands Investmentshas entered into a sale agreement with Future Equity Brands to dispose of the ChesaNyama (Africa and South Africa) food franchising business for a disposal consideration of R14 million.
  • RH Bophelo has announced it is to acquire 51.0% of the issued capital of Medicare Private Hospital located in Rustenburg and 51% of the property on which the hospital operates. RH Bophelo will pay R57 million for the acquisition of the stake in the hospital and R92,7 million for the property, funded through a combination of cash, shares and debt facilities.

Unlisted Companies

  • M&N Brands has acquired a 51% stake in online magazine ZKhiphani.com in a drive to develop its video on demand service. The financial details of the acquisition were undisclosed.
  • GL Events headquartered in France, has through its local office acquired 60% of Johannesburg Expo Centre for an undisclosed sum.
  • Inspired Evolution via its Evolution II fund has invested $7,47 million (R100 million) in Solar Africa, an off the grid solar power provider. The money will be used to accelerate the development of the solar off grid on rooftops in Africa.

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