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: 2019-05-10 | Source: DealMakers | Author: Marylou Greig

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

Exchange Listed Companies

  • Net 1 UEPS Technologies has disposed of an 8% stake in DNI-4PL Contracts to FirstRand, acting through its Rand Merchant Bank division. The sale of the stake, valued at R215 million reduces the company's interest in DNI to 30.4%. The funds have been used as part-payment to early-settle its outstanding long-term borrowings of R230 million in full. Net1 also entered an agreement to grant DNI a call option to acquire the remaining 30.4%. The option expires on December 31, 2019.
  • Investec Property Fund has announced the investment of €10,2 million (R164,2 million) in ELI Holding (Luxco) representing an initial 25% interest. Luxco has an unlisted property portfolio and pipeline of properties located across France, Germany and the Netherlands and is expected to comprise 21 properties with a potential value of R116 million.
  • Sebata has announced the disposal of its 50% stake in Mubesko Africa. In terms of the agreement, Mubesko will repurchase its own shares from Sebata which will then be immediately cancelled. The consideration payable by Mubesko is an amount of R43,12 million. The rational for the disposal of the stake is that Sebata has developed an internal capacity to provide the same services as Mubesko - one of accounting and professional services, budgeting services and public sector financial management and accounting training.

Unlisted Companies

  • Nobuntu a South African insurance and tech startup has raised an undisclosed amount of private equity funding from fintech holding company Crossfin to scale-up its operations.
  • K2fly an ASX-listed company is to acquire South African resource and reserves reporting software solution company RCubed in an all cash transaction of A$450,000.

DealMakers is SA's M&A publication.

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