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: 2021-04-16 | Source: DealMakers | Author: Marylou Greig

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

Exchange Listed Companies

  • Prosus has acquired a stake in Norwegian online grocery platform Oda in a €223 million (R3,85 billion) funding round alongside Softbank Investment Advisers. Oda currently has a 70% market share of the online grocery orders in Norway.
  • enX through its wholly-owned subsidiary enX Leasing Investments, has entered into an agreement to dispose of Impact Fork Trucks to French group Aprolis Holdings for a maximum disposal consideration of £33 million (R659 million). enX has undertaken not to compete with the material handling business carried out by Impact Handling (UK) and its subsidiaries in the UK and Ireland.
  • Exxaro Resources has signed an agreement to dispose of its total equity interest in Exxaro Coal Central to Overlooked Colliery for an undisclosed sum. The disposal follows an internal portfolio review to evaluate and optimise its current coal operations and projects.
  • Finbond has entered into an agreement that will enhance its dollar earnings and expand its digital offering in the US. The deal will see the company acquire a 17% stake in C1 Holdings, a fintech lender possessing state-of-the-art technology. The deal includes an option to acquire an additional 8% by August 31, 2021. The purchase consideration payable by Finbond is US$28 million (R409 million).
  • Growthpoint Properties is considering an offer by consortium parties Aroundtown SA and CPI Property Group SA for the acquisition of its 29.5% stake in Globalworth Real Estate Investments. The cash offer of €7.00 per share is part of an offer to minorities. Should Growthpoint accept the terms, the deal value will amount to c.R7,9 billion, equivalent to 17.64% of its current market capitalisation.
  • Afristrat Investment (formerly Ecsponent)has announced the mutual cancellation of the disposal of its 70% stake in MHMK Capital, which was first announced in June 2020, due to non-payment. The stake was to be sold to a BEE consortium led by founding members of Ngwedi Capital, represented by Softcore Trading for a total cash consideration of R18 million.

Unlisted Companies

  • KAS Africa a local manufacturer of personal, home, baby and oral care fast-moving consumer goods, has disposed of a 49% stake to Mauritian TRT Investments for R145 million. Proceeds will be used to scale the business.
  • Quro Medical, a South African digital health startup providing a hospital-at-home offering, has closed a seed funding round which will assist in accelerating its growth. The investment of US$1,1 million was made by Enza Capital and Mohau Equity Partners.
  • Sendmarc, a South African cyber-security email protection and compliance tech startup, has secured a follow-on investment from local venture capital firm Kalon Venture Partners. The funding will be used to expand the team and scale the business into global markets.
  • Troygold, a local fintech startup, has secured an undisclosed investment from Crossfin Ventures. Troygold digitises gold bullion and krugerrands, providing physical gold owners access to gold-based financial and banking services.
  • Revix a South African cryptocurrency investment platform has secured funding from overseas investors and accelerators. The US$4 million (R58,5 million) proceeds will be used to help launch a mobile app with the aim of making investments in cryptocurrency funds more accessible to ordinary investors.

DealMakers is SA's M&A publication.

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