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: 2021-05-07 | Source: DealMakers | Author: Marylou Greig

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

Exchange Listed Companies

  • Tharisa has acquired (via the exercise of its option) Salene Chrome Zimbabwe from Leto Settlement, a related party, for US$3 million. Salene Chrome is a development stage, low cost, open pit asset located in the Great Dyke of Zimbabwe. The acquisition provides geographic diversification with access to a premium chrome product, a short development timeline and a low capital requirement.
  • Sanlam and Santam joint venture SAN JV is to increase its stake in SAHAM Assurance Maroc to 84.5% by acquiring a further 22.8% stake for a total consideration of R1,98 billion (MAD 1,241 billion or MAD 1,320 per share). The stake was acquired from Said Alj and two entities related to him, Sanam Holdings and First Commercial Estate Company.
  • Attacq is to dispose of its 50% stake in the Deloitte Building situated in Waterfall City to the Public Investment Corporation SOC (PIC) for a disposal consideration of R850 million. The PIC will at the same time also acquire the remaining 50% stake held by Dale Creek Investments, bringing the total purchase consideration payable by the PIC to R1,7 billion.
  • PPC through its wholly-owned subsidiary PPC South Africa, has disposed of the entire issued share capital of PPC Lime to Kgatelopele Lime for a total consideration of R515 million. Kgatelopele Lime was incorporated for the purposes of the transaction with its major shareholders being IMR Resources South Africa, Kolobe Nala Investment Lime, HEX2M Energy and JJJL Mining.
  • Bidvest has signed a binding agreement to dispose of Bidvest Car Rental to the Thesele Consortium led by the 100% black-owned Thesele Group. The business includes car rental, a chauffeur drive service, Door2Door transfers, Van and Truck rental, coach charters and Snappdrive keyless fleet service. Financial details were undisclosed.
  • Prosus via Prosus Ventures, has helped raise US$75 million in new funding for Indian logistics company ElasticRun. The investment will be used by the start-up to further expand its reach into rural markets.

Unlisted Companies

  • Carry1st, the mobile games publishing and interactive content in Africa platform, has raised U$6 million in a Series A funding round which will be used to scale the business. The round was led by venture capital firm Konvoy Ventures with participation from Riot Games, Raine Ventures, Akatsuki Entertainment Technology Fund and TTV Capital.
  • Kombo King, a local kitchen equipment supplier focusing on the fried food niche market, has received an undisclosed new investment from the Vumela Fund, established by FNB Business and Edge Growth.
  • Imvelo Ventures has announced an undisclosed size investment in legal startups Legal Lens and BriefCo, both held by Cycad Group.

DealMakers is SA's M&A publication.

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