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: 2019-05-24 | Source: DealMakers | Author: Marylou Greig

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

Exchange Listed Companies

  • Wescoal has advised shareholders that Keaton Energy, its wholly-owned subsidiary, has acquired an 18.2% stake in Neosho, the owner of the Moabsvelden Project. Prior to the acquisition, Keaton held a 74% stake in the project. The purchase consideration for the sales shares is R24,5 million with a, additional R24,5 million payable in cash for the share of ROM tonnes of coal resources on the Moabsvelden Project multiplied by R4.00 per tonne.
  • Kibo Energy plc has, via its 60%-owned subsidiary MAST Energy Developments, acquired Bordersley Projects , comprising a 5 MW gas-fuelled power generation plant for £177 million (R3,24 billion).
  • Global Asset Management has announced in the results of the Mandatory Offer. UBI General Partner (ARC) received acceptances from Global shareholders holding 11,000 Global shares constituting 0.01% of the current issued share capital. Prior to the offer, ARC held a 45.3% stake.
  • Aspen Pharmacare has announced the divestment of a portfolio of prescription and OTC products in Australia to Mylan. Mylan exercised its option, entered into in December 2018, to acquire the portfolio for A$188 million (R1,86 billion). The proceeds will be used to reduce Aspen's gearing).
  • Trans Hex has announced that its proposed disposal of its Head Office to directors for R28 million has not become unconditional and has accordingly lapsed. However, the company has received and accepted an offer from the University of the Western Cape to acquire the building situated at 405 Voortrekker Road in Parow for R30 million.
  • Adrenna Property Group has informed shareholders that the proposed investment in East Sydney Day Hospital (ESDH), announced in September 2018, has been terminated by mutual consent. The A$2 million loan paid to ESDH in anticipation of shareholder approval of the proposed preference share subscription will remain subject to the loan agreement terms.

Unlisted Companies

  • Echotel International a local integrator of advanced network and cloud computing services, has received approval from the Competition Authority of Kenya to acquire an 80% stake in iWayAfrica Kenya. The value of the transaction was undisclosed.
  • Peermont Global the local gaming and hospitality group has concluded a purchase agreement with Nevada-based Caesars Entertainment Corporation to acquire its 70% stake in the Emerald Resort & Casino in Vanderbijlpark, Gauteng. The total cash proceed to Caesars for the disposal is $39 million. The remaining 30% stake is held by local minority partners.
  • Thesele an investment holding company has acquired a 40% stake in data management solutions company Knowledge Integration Dynamics for an undisclosed sum.

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