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: 2020-10-16 | Source: DealMakers | Author: Marylou Greig

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

Exchange Listed Companies

  • Momentum Metropolitan UK subsidiary Momentum Global Investment Management, is to acquire UK-based multi-asset management business Seneca Investment Managers creating a combined business with assets under management of £4,7 billion. The Seneca funds will assume the Momentum brand but will continue to follow Seneca's naming conventions. The transaction enhances the growth potential of the combined business. The transaction value was undisclosed.
  • Old Mutual private equity fund African Infrastructure Investment Managers through its IDEAS Managed Fund, has provided further funding support to the Phakwe Group to acquire an additional 51% stake in Witkop Solar Park, a 30 MW solar PV facility located in the Limpopo Province in SA. Phakwe represents one of the first majority black-owned and controlled IPPs in the South African REIPPP programme.
  • Caxton and CTP Publishers and Printers has agreed to dispose of its minority interests in non-core assets Octotel and RSAWeb to Neoma Africa Fund, a fund managed by Actis. The transaction value of R493 million includes R60 million in respect of the repayment of the claims on the loan account. The proceeds from the disposals will be added to existing cash reserves.
  • Accentuate has advised it has received a binding offer from Pruta Securities (Jersey) of 10 cents per offer share. Pruta previously held an 8.61% stake in Accentuate which has, following the subscription for cash of 41,809,856 new shares at 10 cents per share, increased to 29.7%. Pruta proposes to delist the company but if the scheme is not approved by shareholders it will make a general standby offer to all shareholders. Accentuate has for some time been under significant liquidity constraints and has over the past year disposed of various operating subsidiaries to mitigate the cash flow constraints.
  • Investec Australia Property Fund (IAPF) has entered into an implementation deed with Investec Bank plc and Investec Australia in relation to a proposal to internalise the management function of IAPF by creating an internally managed stapled group which will be listed on the Australian Securities Exchange and the JSE. IAPF has committed to invest up to $30 million in a fund (Tap Fund) with a broad mandate to invest in the Australian and New Zealand real estate markets and will pay $40 million to the Investec Group to acquire the management rights of IAPF as well as the rights of the TAP Fund. The total consideration will be funded utilising existing debt facilities.

Unlisted Companies

  • Kalon Venture Partners and IDF Capital have invested an undisclosed sum in local automotive technology startup Carscan. The app assists automotive ecosystems to buy, sell, rent, service, insure, finance and auction cars by providing an accurate, reliable, agnostic and traceable digital record of a car.
  • Crossfin Technology has, after a 12 year partnership, exited mobile rewards software company wiGroup. The deal was concluded with UK-based marketing, payments and loyalty company Yoyo. The new partnership will leverage resources across the regions.

DealMakers is SA's M&A publication.
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