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: 2019-10-11 | Source: DealMakers | Author: Marylou Greig

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

Exchange Listed Companies

  • Impala Platinum has entered into a definitive agreement to acquire 100% of the outstanding shares in TSX-listed North American Palladium for a cash consideration of C$1 billion (R11,4 billion). The offer comprises an offer to minority shareholders of C$19.74 per share and an offer to majority shareholder Brookfield Business Partners of C$16 per share. Brookfield owns c.81% of the outstanding shares. The deal is in line with the company's strategy to reduce exposure to high-cost, deep-level conventional mining.
  • Marshall Monteagle via its subsidiary Monteagle Consumer Group, has entered into an agreement with The Spar to dispose of its entire 50% interest in Monteagle Africa for a maximum amount of $11,76 million (R180 million). The proceeds of the disposal will be used by Monteagle Consumer to increase working capital for its ongoing local and international trade in fast moving consumer goods.
  • Net 1 UEPS Technologies has exercised its option to acquire an additional 35% interest in Bank Frick & Co. AG, a fully licensed bank based in Balzers, Liechtenstein for $46,4 million (c. R713 million). On completion of the transaction Net 1 will own 70% of the Bank with the Kuno Frick Family Foundation owning the remaining 30%. The Bank provides the cornerstone of Net 1's European strategy to deliver financial technology and banking services to SMEs in the region.
  • Astoria Investments has announced the disposal of its interest in CS Capital Partners V, LP for £2,11 million (R39,3 million).
  • Jasco Electronics has advised that it has entered into a sale agreement, via wholly-owned subsidiary Jasco Trading, with African Zaibatsu Corporation to dispose of the Electrical Manufacturers Division for a maximum expected aggregate price of R65 million.
  • Aveng has entered into a binding term sheet with Laula Consortium for the sale of the Grinaker-LTA Mechanical and Electrical Business for a total consideration of R72 million.
  • Cartrack has advised that the offer made to shareholders to acquire the company shares was accepted in respect of 28,943 Cartrack shares comprising 0.001% of the company's issued share capital. Accordingly the Offeror now holds 68.18% of the issued share capital of Cartrack.
  • Stefanutti Stocks has entered into an agreement with Overrox 70 CC to dispose of two adjacent properties, 12 and 14 Circuit Road, Westmead in Pinetown for R26,8 million. The transaction's proceeds will be used to fund working capital requirements.

Unlisted Companies

  • Agile Capital a Private Equity Fund which pursues investments in a number of diverse sectors in the South African market, has acquired, via private equity fund Agile Capital IV, a significant stake in Averge Technologies for an undisclosed sum. Averge is a specialist turnkey solutions provider and distributor of components to the communications industry and energy sector.
  • SweepSouth the Cape Town-based domestic cleaning service has raised more than R50 million in its latest funding round. The on-demand startup will use the funding raised to expand its operating markets to the rest of the continent and the launch and expand platforms SweepSouth Connect and SweepSouth Shop.

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