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: 2017-07-06 | Source: DealMakers | Author: DealMakers

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

JSE Listed Companies

  • Redefine Properties has disposed of its 22.8% stake in Delta Property Fund to a women-led BEE consortium in a R1,45 billion vendor funded transaction. The stake in Delta was seen as a non-strategic asset. The vendor loan is to be 50% settled after an initial period of five years but at the consortium's election the loan may be extended for a further three years.
  • Richemont has brought to an end its 19-year ownership of Shanghai Tan, a Hong Kong-based fashion maker. The brand has been sold to an entity controlled by Alessandro Bastagli, an Italian entrepreneur for an undisclosed sum.
  • Finbond has acquired 75% of Blake Enterprises for a purchase consideration of $9,6 million (R129,6 million). The acquisition is part of the company's strategy to transform Finbond into a focussed multinational alternative financial services business.
  • Vukile Property Fund has acquired a Spanish retail portfolio. Castellana Properties, a 98.3% subsidiary of the company will acquire the assets comprising nine retail parks from Redevco Iberian Ventures for a purchase consideration of €193 million (R2,88 billion).
  • Delta Property Fund is in negotiations with a broad-based black economic empowerment consortium, led by members of Delta's management team who wish to acquire a 42.2% stake in the company for an approximate R4,7 billion. This will require the consortium to make a mandatory offer to shareholders. Formal transaction agreements have yet to be finalised.
  • African & Overseas Enterprises and Rex Trueform Clothing have been notified that a sale of share agreement has been concluded between a consortium consisting of Geomer Investments and Gingko Investments No2 and Ginko Trading as purchaser and the Stewart and Pat Shub Family Trust, C Radowsky, A Shub and P Shub as the sellers. In terms of the agreement the consortium will acquire 726,600 AOE ords and 604,045 AOE N shares, 1,241RTF ords and 4,058 RTF N shares for an aggregate consideration of R64,99 million.
  • Ferrum Crescent, the European lead-zinc explorer, has agreed to sell its wholly-owned Mauritian subsidiary Batavia for a nominal amount to NPSPL Africa and its BEE partner Ngwenya Capital. Batavia holds the Group's SA assets including the Moonlight iron ore project in Limpopo Province.
  • Long4Life has submitted a non-binding expression of interest to the board of directors of Holdsport in relation to a proposed transaction which envisages Long4Life acquiring the entire issued share capital of Holdsport.
  • Metair has acquired a 25.1% stake in German-based battery manufacturer and supplier Akkumulatrenfabrik Moll for €7,53 million (R111 million). The acquisition gives the company entry into the growing Chinese battery market.
  • Stor-Age Property REIT has entered into a transaction for the development and subsequent acquisition of a new self-storage property situated in Bryanston, Johannesburg.
  • Cognition has acquired the remaining 37% stake in BMi Sport for an undisclosed sum.
  • Jasco Electronics proposed acquisition of Cross Fire Management announced in March this year has been prohibited by the Competition Commission as it found the merger would result in a substantial prevention and lessening of competition in its specific market.

Unlisted Companies

  • Agri-Vie Fund I, the African Food and Agribusiness Investment Fund managed by private equity investment firm EXEO Capital, has announced its exit from Fairfield Dairy. During the seven year partnership Fairfield substantially strengthened its operation and reputation.
  • Acino, a Swiss pharmaceutical company, has acquired Litha Healthcare for an undisclosed sum.

...and in Africa

  • Malawi's First Merchant Bank (FMB) is to acquire the local assets of micro lender Opportunity International Bank of Malawi. FMB has assets of over $455 million and stakes in banking operations in Mozambique, Botswana and Zambia.
  • Abraaj Group is to acquire Java House, east Africa's largest chain of coffee shops from Emerging Capital Partners for an undisclosed sum. Java House has 60 outlets which provide casual dining and food services.
  • Endeavour Mining, a Canadian gold miner, is to acquire TSX-listed explorer Avnel which has an 80% stake in the Kalana Gold project in Mali. The stake was acquired for $122 million in an all share transaction.
  • Fairfax Africa has agreed to invest in $20 million in Ascendant Learning, the Mauritius based parent entity of Nova Pioneer. Nova Pioneer is an independent school network with campuses in South Africa and Kenya.
  • Kibo Capital Partners, the Africa-focused private equity fund manager, is to invest in Blowplast, a plastic packaging company based in Kenya. The capital injection, the amount of which was undisclosed, will be used to expand the company's footprint in East Africa.
  • ONGC Videsh, the subsidiary of Oil and Natural Gas Corporation, the National Oil Company of India, has acquired a 30% participating interest in Petroleum Exploration License 0037 Offshore Namibia from UK's Tullow Oil. The deal value was undisclosed.
  • Blenheim Natural Resources has entered a conditional share repurchase agreement with Xantus to acquire a 40% stake in Mansa Lithium, a mineral exploration company which owns a prospecting permit over the Dieba area in southern Mali. The stake is to be acquired for £400,000 plus 1 million Blenheim shares worth £4,875.
  • Yinson Holdings, the Malaysian floating production contractor, is to sell a 26% stake in its Ghana subsidiary to a Japanese consortium in a deal said to be worth $117 million.

 (DealMakers is SA's M&A publication. www.dealmakers.co.za)


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