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: 2020-11-06 | Source: DealMakers | Author: Marylou Greig

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

Exchange Listed Companies

  • JSE, has advised as part of a commercial arrangement with Globacap Technology to establish a blockchain-enable private placements platform, it has invested £4 million in Globacap for a minority stake in the company. The Globacap platform provides seamless, end-to-end fund raising management tools designed to automate private issuances in equity and debt capital markets. The investment will be funded from existing cash reserves.
  • Datatec, through its wholly owned subsidiary, Logicalis Asia, has acquired a 65% stake in iZeno, a specialist in Digital Transformation solutions. Based in Singapore, iZeno has operations in Malaysia, Indonesia and Thailand. Financial details were undisclosed.
  • Astoria Investments, has entered into an equity swap agreement with Peresec Prime Brokers in respect of 4,200,000 RECM and Calibre preference shares for an aggregate consideration of R35,7 million at the equivalent of R8.50 per preference share. The rationale behind the investment is the opportunity provided by the weakness in the current RAC preference share price which is 55% below the underlying net asset value per share.
  • Mazors, has announced its intention to repurchase from minority shareholders shares at R0.25 per share and to delist the company. If the scheme of arrangement should fail, R Mazors will make a general offer to shareholders to purchase those share in issue not already held by him. The company has procured irrevocable undertakings from shareholders holding 11.44% of the total issued share capital (48.33% of voting rights in respect of the scheme).
  • Texton Property Fund, has received notice from Oak Tech Properties, Oak Tech trading and its concert parties that the Consortium has entered into an unconditional agreement to acquire 28,185,669 Texton shares from Coronation Asset Management. The acquisition will increase Consortium's beneficial interests from c.32% to 40.07% (excluding treasury shares) triggering a mandatory offer to Texton minorities. The offer price to minorities of R1.20 per share represents a premium of 53.8% to the closing price of 78 cents as at 29 October 202, being the business day prior to the firm intention announcement.
  • Exemplar REITail, is to acquire a 50.1% stake in the Mall of Thembisa from McCormick Property Development for a total purchase consideration of R78,58 million which will be settled through the issue of 7,262,921 new ordinary Exemplar shares.
  • British American Tobacco, through Modoral Brands, an indirect, wholly owned subsidiary of Reynolds American (a subsidiary of BAT), has acquired the nicotine pouch product assets of Dryft Sciences, a US-based Modern Oral nicotine product company for an undisclosed sum.

Unlisted Companies

  • swiftVEE, a Cape Town-based agritech startup, has secured US$1,5 million in an investment round led by Subtropico. A livestock trading platform, swiftVEE connects online buyers to livestock auctions for real-time purchases. The funding will be used to expand the startup's offering within South Africa and neighbouring countries Botswana and Namibia.

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