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: 2020-06-05 | Source: DealMakers | Author: Marylou Greig

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

Exchange Listed Companies

  • Merafe Resources via its subsidiary Merafe Ferrochrome and Mining, is to acquire a 20.5% stake in Unicorn Chrome from Glencore subsidiary Glencore Operations South Africa for R32,2 million.
  • Capital & Counties Properties plc has, following recent press speculation, confirmed the acquisition of a 26.3% shareholding in Shaftesburg plc for £436 million. The stake was acquired at a price of 540 pence per share at a 13.9% discount to closing price on May 29 from Veloqx (Jersey). The stake in the mixed-use real estate portfolio is adjacent to Capco's Covent Garden estate. The stake will be acquired in two tranches; 64,4 million (20.9%) shares for £348m in cash and 16,3 million (5.3%) for £88m in cash.
  • Wilson Bayly Holmes-Ovcon has received an unsolicited, indicative, non-binding and conditional proposal from a major international construction and civil services company to acquire WBHO's 88% interest in its Australian construction subsidiary Probuild.
  • African Equity Empowerment Investments and Sekunjalo Investment have reduced their stakes in Bowwood by 27% and 18% respectively. Bowwood is an investment holding entity whose sole investment is a 25% plus one share stake in SAAB Grintek Defence. The disposals to SGT Solutions for a combined value of R48 million will see Ayo Technologies, an associate of SGT, hold an indirect stake of 18%.
  • RMB Holdings' private equity arm, RMB Corvest, has taken a significant stake in Roos Foods, a leading local KFC franchisee. The value of the transaction was undisclosed.
  • Tower Property Fund has concluded an agreement to sell its Velica Gorica retail property in Zagreb, Croatia for its book value of €9,1 million. The disposal is in line with the company's strategy of actively recycling assets which are considered to have reached their growth potential.
  • Rebosis Property Fund, through its wholly-owned subsidiary Ascension Properties, has accepted an offer by Old Fort Crescendo Corevision to acquire the company's property known as the Medscheme building situated in Gauteng. The consideration payable by the purchaser is R91 million.

Unlisted Companies

  • The Public Investment Corporation (PIC) has acquired a 13% stake for US$50 million in Aradei Capital, a real estate platform headquartered in Morocco specialising in commercial real estate assets. The transaction is a mixed capital increase and a partial block-sale of shares held by the European Bank for Reconstruction and Development (EBRD). The PIC joins other investors in Aradei Capital such as Label'Vie (LBV), SANAM Holding and Best Financiere.
  • Tana Africa Capital, an Africa-focused investment company founded by E. Oppenheimer & Son International and Temasek, is reported to be in discussions to invest through its second fund Tana Africa Capital II for a 25% stake in Mabaret Al Asafra, a hospital operator in Alexander, Egypt.
  • ANB Investments, a holding company of a diverse group of agricultural companies, has acquired a 51% stake in Arisa Packhouse extending its packing interest in the Cape. The stake was acquired from Israeli investor Kav Yam; the Industrial Development Corporation of SA holds the remaining 49% stake.
  • Oasis Water, a franchise group providing clean water to retailers, corporations, end-users and mines, has attracted investments from Fledge Capital and SLA Capital. Oasis Water has a network of more than 300 franchised Oasis Water outlets in South Africa, Botswana and Namibia.
  • LionPride Investments via its Agility Fund has invested an undisclosed sum in BusyMed, a South African healthtech startup. BusyMed aims to connect consumers directly to pharmacies via a digital platform, giving them access to online consultations, products, and medication purchases with fast home delivery. The investment will be used to further its platform development and the build out of the customer and revenue base.
  • New Media, headquartered in Cape Town has finalised the acquisition of Swipe iX which specialises in full-stack app and web development, business analysis, UX and interaction design and emerging technologies. Financial details were undisclosed.
  • DHL Express has acquired a minority stake in UK-based e-commerce firm Link Commerce for an undisclosed sum. Link Commerce, the company behind the MallforAfrica.com platform, was involved in the development of the DHL Africa eShop platform. The increased ties between the companies is part of DHL's strategy to grow e-commerce on the continent.

DealMakers is SA's M&A publication.

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