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


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

Published Date: 2018-07-20 | Source: DealMakers | Author: Marylou Greig | Comments

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

JSE Listed Companies

  • Naspers has sold its majority stake in B2B travel platform Travel Boutique Online (TBO) to Standard Chartered Private Equity for an undisclosed sum. TBO has since its inception in 2006 expanded to 90 countries.
  • MTN's Dubai subsidiary has reached an agreement with Monaco Telecom to dispose of MTN Cyprus for net sale proceeds of €260 million (R4,1 billion) valuing MTN Cyprus at 8x reported 2017 EBITDA.
  • Wilson Bayly Holmes-Ovcon has through its UK subsidiary acquired a 60% stake in Russells and a 31.7% stake in Russell Homes for £32,8 million (R567,44 million) and £3,25 million (R56,23 million) respectively. Russells is a main contracting business located in Manchester and Russell Homes specialises in land acquisition and planning applications.
  • Anglo American Platinum and the Public Investment Corporation have joined forces to invest R1,3 billion each in venture capital funds to be managed by AP Ventures, established to invest in companies which support the development of innovative and competitive technological uses of Platinum Group Metals.
  • Stenprop has disposed of seven Swiss properties to Helvetica Swiss Commercial Funds, a real estate fund focused on Swiss property, for a combined transactions value of £79,3 million (R1,38 billion).
  • Vukile Property Fund will conclude an agreement to acquire a 66% interest in Morzal Properties for €152 million (R2,34 billion). Morzal has secured the opportunity to acquire a portfolio of four Spanish shopping centres for €489 million (including transaction costs). Vukile will offer its 98% held subsidiary, Catellana Properties, the opportunity to acquire 100% of the equity in Morzal (at cost) once it has completed its listing on the Alternative Equity Market of the Spanish Stock Exchange.
  • Stenprop has acquired Estuary Court, an industrial estate in Newport, South Wales from Storage Giant for £3,1 million (R54,87 million). The industrial estate which is fully let comprises 20 units offering 34,980 square feet of industrial and trade counter space.
  • Wilderness has sold a 34% equity stake in the company to The Rise Fund, a US global investment fund, for an undisclosed sum.
  • MTN and Primedia have sold their respective stakes in iAfrica to Africa.com. Financial details of the transaction were undisclosed.

Unlisted Companies

  • Globeleq, the UK-based independent power producer across the African continent, has entered into an agreement with an affiliate of Brookfield Asset Management to acquire from Brookfield its interests in the South African renewable energy portfolio. The portfolio includes six projects which were part of rounds 1 and 2 of the South African Government's renewable energy programme. Each project has a 20-year power purchase agreement with Eskom.
  • Panalpina, a global provider of supply chain solutions, is to acquire a majority stake in perishables specialist Skyservices. The acquisition will enable Panalpina to provide end-to-end solutions for perishables from South Africa to Europe, the Middle East, Far East and the US. No financial details were disclosed.
  • Partners Group and Convergence Partners have joined forces to establish a private markets firm Helical Capital Partners which will seek to provide the local investment community with access to a diversified and global portfolio of private investments.
  • Antalis South Africa, the paper, packaging and graphic solutions provider, has through a management buyout from Antalis International, become the leading black empowered company in its industry.
  • ASOC Fund I has received the Competition Commission's approval for the acquisition of Skynet South Africa for an undisclosed sum.

...and in Africa

  • EFG Hermes, an Egyptian financial services company in emerging markets, has entered into an agreement to acquire Primera Africa, a brokerage house in Nigeria to serve as a hub for expansion into West Africa. EFG Hermes already has an office in Kenya which services East African investor interests.
  • Fura Gems, a new TSXV-listed gemstone mining and marketing company with emerald and ruby assets in Colombia and Mozambique has acquired nine ruby assets in Mozambique from ASX-listed Mustang Resources and Regius Resources for A$15 million with A$3 million payable in cash and the issue of approximately 12,7 million Fura shares
  • Metal Tiger, the Botswana-focused copper miner, has disposed of its 30% stake in the T3 Copper Project to joint venture partner MOD Resources for shares and three-year options valued at A$27,7 million.
  • Aminex's subsidiary Ndovu Resources has signed a binding farm-out agreement with The Zubair Corporation to accelerate development of the Ntorya project in Tanzania.
  • Total Tanzania is seeking requisite approval for the acquisition of Petrolube's oil bending plant for an undisclosed amount.
  • Emmerson the natural resources exploration and production company listed on the LSE, has completed the acquisition of Moroccan Salts in a reverse takeover. The deal, with a price tag of £10 million paves the way for its listing on the LSE and gives Emmerson control of the Khemisset Potash Project in Morocco.

DealMakers is SA's M&A publication.

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