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: 2019-07-19 | Source: DealMakers | Author: Marylou Greig

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

Exchange Listed Companies

  • Old Mutual Private Equity backed company Footgear has acquired the Edgars Active and High Key chain stores, divisions of the Edcon Group. The acquisition is funded by the private equity investing arm of Old Mutual Alternative Investments (OMAI) and marks a significant milestone in the expansion ambition of Footgear. OMAI acquired a majority stake in Footgear earlier this year.
  • Cartrack minority shareholders have been offered R13.44 per share following the acquisition by Karoo, and investment holding company owned by Cartrack founder IJ Calisto, of 204,5 million Cartrack shares which triggered the offer to minorities. Karoo has a 68.17% stake in Cartrack and has received irrevocable undertakings to support the transaction from shareholders holding 28.12%.
  • Ango American Platinum and Platinum Group Metals have launched an new venture Lion Battery Technologies to accelerate the development of next-generation battery technology using platinum and palladium.
  • Bidvest and enX have entered into an agreement which will see enX dispose of the Eqstra Fleet Management and Logistics business. The equity value of the transaction is R1,3 billion.
  • Rebosis Property Fund has announced the disposal of its entire 49.35% interest in New Fronteir Properties. Rebosis has sold 20.35% of the stake to EH Dednam for a nominal amount and 29% interest to Orion Hotels & Resorts (Africa).
  • Investec Asset Management (IAM) has announced its first private equity investment in Egypt with the acquisition of Spinneys Egypt, a supermarket chain. The chain was acquired from Arbraaj, the Dubai-based private equity firm currently in liquidation. The investment marks the eighth investment from IAM's second pan-African private equity fund.
  • ELB has announced the disposal through its subsidiaries ELB Engineering and ELB Engineering Services of its 49% interest in the ELB Flying Services Partnership and ELB Trident Equipment. The acquirer is AG Fletcher and Tanjo Financial Services, a company controlled by Fletcher. The total aggregated cash consideration for the transaction is R8,57 million.
  • Aveng, as part of the non-core disposal process, has entered into a binding sale agreement with Ultra Asphalt for the sale of the Aveng Grinaker-LTA Rand Roads business unit for R30 million plus the value of inventory estimated at R7,5 million. Aveng has also disposed of the Aveng Grinaker-LTA Ground Engineering business unit to management and Wolf Capital Partners for R7,5 million.
  • NEPI Rockcastle has signed a non-binding letter of intent with AFI Europe NV, a wholly-owned subsidiary of Africa Israel Properties for the sale of four office buildings in its Romanian office portfolio with a book value of €309.2 million.

Unlisted Companies

  • responsAbility Renewable Energy Holdings (rAREH), has acquired a 26% stake in Renewable Energy Holdings, a leading South African-based developer, owner and operator of run-of-river hydropower projects in Southern Africa.
  • Artisan Training Institute, has acquired the De Beers technical training campus in a move to provide additional opportunities for the youth in the Northern Cape.

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