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: 2021-02-26 | Source: DealMakers | Author: Marylou Greig

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

Exchange Listed Companies

  • Sibanye-Stillwater has made an initial phased equity investment of €30 million for an c.30% equity shareholding into Keliber, whose wholly owned advanced lithium project located in the Kaustinen region of Finland, is one of the most significant lithium-bearing areas in Europe. Sibanye has a guaranteed option to achieve a majority stake in Keliber following the completion of the undated feasibility study by contributing further equity financing.
  • Old Mutual Namibia (Old Mutual) via an infrastructure investment fund, has acquired a majority stake in Aloe Investments Number Twenty-Sevena, a company holding a 5MW solar photovoltaic plant in Rosh Pinah. The stake was acquired from AEE Power Ventures, a Spanish energy company.
  • Exxaro Resources disposed of, in a public offering in the US, 19,108,970 ordinary shares in Tronox at a price of $18,35 per share for net proceeds of $332 million (R4,81 billion). This follows the exercise by Tronox of its flip-in call option over Exxaro's 26% shareholding in Tronox's SA subsidiaries, for which Tronox is delivering to Exxaro c.7,2 million newly-issued Tronox ordinary shares. The public offering will reduce Exxaro's stake in Tronox to 1.9%.
  • Sanlam, through its private equity arm, has acquired a majority stake in the Cavalier Group, a supplier of premium red meat products.
  • Imperial Logistics has acquired e-commerce startup Parcelninja for an undisclosed sum. The startup's platform offers cloud-based warehousing and delivery solutions to online shops. The acquisition supports Imperial's strategic ambitions to accelerate its digital capabilities and expand its logistics and market access services.

Unlisted Companies

  • Tyme, the South African-based digital banking network for emerging markets, has received $110 million (R1,6 billion) in a Series B capital raise, laying the foundation for Tyme's expansion across ASEAN. The new investors include Apis Growth Fund II, a private equity fund managed by Apis Partners and Gokongwei-led JG Summit Holdings of the Philippines. They will become minority shareholders each with 14.9% and 5.13% respectively. Following the completion of the transaction ARC Financial Services will hold c.59% stake.
  • hearX an early-stage South African-based global medtech disruptor, has completed its funding round which secured an investment of US$8,3 million. The round was led by a US-based venture capital firm Bose Ventures with participation from HAVAIC, Futuregrowth Asset Management and Sphere.
  • Metier through its Sustainable Capital Fund, has invested into Energy Vision, a company providing bespoke clean and cost-effective energy solutions for telecom towers across Africa.
  • Convergence Partners, via its fund Convergence Partners Digital Infrastructure Fund, has announced it is to acquire Ctrack's operations in Africa and the Middle East from Inseego Corp. Ctrack is a telematics software-as-a-service digital infrastructure platform providing fleet management, insurance and weather telematics solutions and asset racking solutions to its subscribers.

DealMakers is SA's M&A publication.

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