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: 2021-04-30 | Source: DealMakers | Author: Marylou Greig

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

Exchange Listed Companies

  • Investec Property Fund has announced it is to dispose of its 25% equity interest in the Pan-European light industrial portfolio to Archer German Holdco and Archer Investment Holdco for a gross purchase consideration of €51,2 million. The disposal is in line with the Fund's longer term strategy to focus on its core South African and Pan-European logistics portfolio.
  • Afrocentric Investment via its subsidiary Activo Health, is to acquire Exeltis South Africa from Shelsley Chemicals for a maximum purchase consideration of R320 million. Exeltis South Africa is the holding company of Forrester Pharma and Lamar International, which are involved in the marketing, selling and distribution of pharmaceutical products in SA, Namibia and Botswana.
  • Bidvest has disposed of Bidvest Services to National Aviation Services, a significant aviation services provider in emerging markets, Colossal Africa a 100% women-owned investment company and a consortium comprising the current executive management team. Financial details of the deal were undisclosed.
  • Imperial Logistics has announced a new five year BEE deal which will see a 25% stake in subsidiary Imperial Logistics South Africa (ILSA) held by three shareholders - Converting Trade (joint venture between Afropulse [61%] and Willowton Group Investments One [39%]), Willowton and Afropulse. In terms of the transaction, Converting Trade will restructure its current 25% shareholding in Imperial Logistics Advance for a 9.9% stake, on a value for value basis, in ILSA. Willowton and Afropulse will acquire a further 15% stake (8.53% and 6.58% respectively) in ILSA valued at R628,4 million for R502,8 million post the application of the 20% discount provided by Imperial.
  • Emira Property Fund has advised shareholders it has received an offer by local firm Maitlantic 10 and Cayman Islands-registered hedge fund Clearance Cantara Master Fund to acquire the remaining shares in Emira for R9.15 per share for an aggregate total of R2,87 billion. The offer comes as the two largest shareholders' collective stake of 35% triggers a mandatory offer in terms of the JSE listing requirements. The company's BEE parties holding an c.5% stake have provided irrevocable undertakings to reject the offer.
  • Globe Trade Centre is to acquire Winmark Kngatlanfejleszto, a Hungarian company and the owner of the head offices of Ericsson and Simemens Evosoft in Univerzum, Budapest. The purchase price of €160,3 million will be financed by way of cash and debt.
  • Deutsche Konsum REIT_AG has announced the acquisition of the Spitzkrug Multi Center in Frankfurt for an undisclosed sum.
  • Sasfin has increased the offer to all holders of its preference shares from R71 to R75 per preference share. The offer price represents a 40.53% premium to the 30-day volume weighted average price of the preference shares on September 30, 2020.

Unlisted Companies

  • Revego Africa Energy which has temporarily delayed its listing on JSE has announced its first major acquisition, in the form of a 12% stake in the 50 MW Bokpoort Concentrated Solar Power asset in the Northern Cape for R204 million. Bokpoort CSP fulfils Revego's mandate of investing in operational, dividend-earning renewable assets. Revego is buying the stake from Metier, a local private equity firm, which manages the Lereko Metier Sustainable Capital fund.
  • AZA Finance has announced the acquisition of South African fintech company Exchange4Free which is a foreign exchange, money transfer and payments technology provider. The acquisition will more than double AZA's transaction volume to US$2,5 billion in 2021 through synergies and leveraging cross-selling opportunities while extending its reach to 115 countries. Financial details were undisclosed.
  • Dragonfly Aerospace, a local NewSpace company which creates compact high-performance imaging payloads and satellites, has disposed of a majority stake to space entrepreneur Max Polyakov who owns Firefly Aerospace. The deal brings everything in house and gives Polyakov and his team cost control and mass production of components.

DealMakers is SA's M&A publication.

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