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: 2020-06-26 | Source: DealMakers | Author: Marylou Greig

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

Exchange Listed Companies

  • Sun International has advised that the unsolicited offer by Chilean Investment firm Nueva Inversiones Pacifico Sur (IPS) announced earlier this week is neither an offer nor a firm intention to make an offer as contemplated under the Companies Act. IPS offered to acquire a R1.5 billion stake in Sun International in a part-cash offer that includes a bridge loan of up to R1.2 billion, the value at which Sun International hopes to raise in a rights offer. The company's Chilean partner offered R22 per share for a 50.1% stake.
  • BHP has reached an agreement with Norilsk Nickel subsidiary in Australia to acquire the Honeymoon Well Nickel project which comprises the development project and a 50% interest in the Albion Downs North and Jericho exploration join ventures. BHP Nickel West is currently the 50% shareholder in the joint ventures.
  • Texton Property Fund has disposed of a property in Bloemfontein known as Quintiles to Invest in CBD for a cash consideration of R45,5 million.
  • Jasco Electronics has advised that the disposal of its electrical manufacturers division for R65 million, first announced in October 2019, has been cancelled. In May the company announced that the respective parties had agreed to extend the closing date to June 19, 2020 but to date no payment has been received.

Unlisted Companies

  • HAVAÍC a Cape-based venture capital firm has invested in local mobile marketing platform Mobi which provides clients with an easy-to-use marketing software platform that allows users to easily create well-designed and highly-personalised mobile campaigns.
  • Paymenow, a Stellenbosch-based fintech startup whose app uses gamification to drive financial education and inclusion among its users, has received a R4 million investment from ViaMedia, a subsidiary of the Digital Ecosystems Group. ViaMedia will provide product and operational expertise to the startup as well as access to funding to expand the business locally and in the rest of Africa and Latin America.

DealMakers is SA's M&A publication.

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