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


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

Published Date: 2019-04-12 | Source: DealMakers | Author: Marylou Greig

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

Exchange Listed Companies

  • Santova has acquired the issue share capital of German MLG Maritime Cargo Logistics (MCL) from Overseas Freight Ways OU, an investment holding company. MCL operates as an international freight forwarding and logistics business including the operation and management of a bonded warehouse facility based in the Port of Hamburg. The purchase consideration was €1,92 million (R30,13 million).
  • Arrowhead Properties and Gemgrow Properties plc have agreed, in principle, to a potential transaction which may result in the reverse takeover of Gemgrow by Arrowhead. Gemgrow will issue and allot 0.8237 Gemgrow B ordinary shares for each Arrowhead scheme share acquired. The companies stipulated in the announcement that the proposal does not constitute an offer or a firm intention.
  • Afrimat has made a non-binding indicative offer to purchase the entire issued share capital of Universal Coal plc, a company listed on the Australian stock exchange, with operations in South Africa, for a maximum purchase price of A$0.40 for each Universal share held. This offer rivals an earlier conditional offer from Ata Resources on behalf of a consortium which included Wescoal.
  • Putprop has disposed of 50% interests in two properties to McCormick Property Development. The Mamelodi property and the Dobsonville property will be housed in a joint venture with the aim of developing a retail shopping centre on each of the properties.
  • Oando plc has entered into a sale agreement with Helios Investment Partners, a leading private equity firm, to dispose of its remaining 25% stake in Axxela (formerly Oando Gas & Power) the Nigerian gas and power company. The total purchase consideration was $41,5 million (R581 million). Helios acquired 75% of Axxela in 2016 via a special purpose vehicle HIP GLOVER.
  • Global Asset Mangement (GAM) via subsidiary Earthwize Energy, has acquired an additional 45% stake in Plastics Green Energy (PGE) from Old Mutual Life Assurance. Following the conclusion of the R20,5 million deal, GAM will increase its shareholding in PGE to 73% from 28%.
  • Barloworld has amended its broad-based black economic empowerment property transaction announced in last year. The amendments which do not need shareholder approval include the removal from the Khula Sizwe transaction of two properties from the portfolio while three others will be either acquired or have additional capital expenditure spent by Barloworld.

Unlisted Companies

  • STOA Infra & Energy a joint stock French company owned by Caisse des Depots and Agence Francaise de Developpement, has announced its acquisition of a 23.08% investment in local open access fibre network operation Metro Fibre. Metro Fibre is a high growth emerging player in SA's Fibre-To-The-Home and Fibre-To-The-Business markets.
  • Communicare a non-profit company involved in housing, has sold its property on the Foreshore in Cape Town to an international hotel chain for R120 million.

DealMakers is SA's M&A publication.

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