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: 2020-04-09 | Source: DealMakers | Author: Marylou Greig

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

Exchange Listed Companies

  • Accenutate has reached an agreement to dispose of its 100% shareholding in Safic for R10 million. Payment of the purchase consideration will be made in five tranches the first of which will be paid on April 10, 2020 and the balance by April 30, 2020. The disposal is in line with the company's decision to focus strategically on the flooring business.
  • Fairvest Property has announced the disposal of Tokai Junction in Constantia, Cape Town to FPG Holdings for R190 million. The cash disposal consideration will be utilised to reduce the company's debt.
  • RDI has announced the sale of a food-anchored mixed-use asset in Leipzig for €7,9 million reflecting an 8% discount to the 31 August 2019 market value. The disposal forms part of the Group's strategic disposal plan supporting a reduction in leverage and retail exposure.
  • 4Sight has disposed of Digitata, a subsidiary operating in the mobile telecommunications industry and focused on providing 4IR solutions across the areas of service revenue management. The purchase consideration of R91,9 million will be discharged with an aggregate of 290,549,558 4Sight shares. These shares will be cancelled and will reduce the issued share capital of 4Sight by c.37%.
  • Standard Bank has acquired a 40% stake in the digital fuel management solutions and telematics company Payment24, a technology development firm that supports companies with large fleets, and has partnerships with major filling stations in the country. Financial details were undisclosed.
  • Mettle Investments subsidiary Reward Investments (No.2) is to purchase a 10% stake in Reward Finance Group (RFG) from Truly Alternative for £2 million to be settled in cash. After the implementation of the transaction, Reward will have an effective 82.5% stake in RFG which provides asset-secured short and medium-term loans and invoice discounting to UK's small to medium sized enterprise market.
  • Comair has advised shareholders that with effect from March 31, 2020 the parties in the agreement by which Comair would acquire Star Air Maintenance and Star Air Cargo have, by mutual consent, agreed to terminate the transaction. The deal was first announced in May 2019 valued at R75 million.

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