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Who’s doing what in the M&A space?

News from Old Mutual, Anglo American, Lovisa, Stellar Diamonds and others.

JSE-listed companies

  • Old Mutual has agreed to sell its 26% stake in Kotak Mahindra Old Mutual Life Insurance to its joint venture partner Kotak Mahindra Bank for a gross cash consideration of £156 million (R2.67 billion). 
  • Anglo American is to dispose of its 88.17% interest in Drayton thermal coal mine and Drayton South project located in Australia to Malabar Coal. The value of the transaction was undisclosed. 
  • MICROmega subsidiary NOSA Global has acquired the Occupational Hygiene and Occupational Health and Safety Divisions from LexisNexis Legal & Professional. The value of the transaction was undisclosed.  
  • Universal Partners has concluded an agreement to invest in Dentex Healthcare Group for a total consideration of £15 million (R258 million) securing a 36% stake in the company. Universal Partners will have the right to convert loan notes subscribed for at £11 million (R189.2 million) into equity, increasing its stake to 49%. 

Unlisted companies 

  • The Twinsaver Group has acquired Sylko, a supplier of disposable and recyclable household products for an undisclosed sum. 
  • Lovisa, the Australian-listed jewellery retailer, has acquired 17 fashion accessory stores from Klines South Africa for a total cost of R7.9 million. 
  • 2U, a leader in partnering with colleges and universities to deliver digital education, has entered into an agreement to acquire GetSmarter for $103 million and an earn-out payment of up to $20 million in cash. 
  • ZTE, a global telecommunications equipment and network solutions provider, has entered a new broad-based economic empowerment partnership with 100% black women-owned Saldomax Technologies. 

…… and in Africa 

  • Cape Lambert Resources, the Australian listed resource and investment company, has entered into a 50/50 joint venture agreement with Congolese company Paragon Mining. The joint venture includes the Kipushi Tailing Project, the Kipushi processing plant and the Kasombo Copper-Cobalt Project in the DRC. Cape Lambert will advance $7.5 million as equity with the balance of the funds advanced as shareholder loans to be repaid from cash flow. 
  • Stellar Diamonds has signed a mining agreement and revenue share agreement with Octea Mining in respect of the combined Tongo-Tonguma kimberlite diamond project in eastern Sierra Leone. The project will require a capital investment of $32 million over a two-year period. 
  • Panalpina, the Switzerland-headquartered logistics giant is to acquire Air Connection, a family- owned Kenya-based forwarder specialising in the export of flowers and vegetables. 
  • Yudala, a major player in the Nigerian e-commerce space, has acquired Yes Mobile, a cosmopolitan high-value retail outfit with a multiplicity of stores in Lagos. 
  • Grupo Bimbo, the Mexican bread maker, has acquired Adghal, a Morocco-based producer of baked goods. 
  • Oasis Capital Ghana, managers for Ebankese Venture Fund and Oasis Africa VC Fund, has announced its investment in Everpure Holdings, a water bottling company operating in Ghana. The size of investment was undisclosed. 
  • GBfoods and Helios Investment Partners have formed a joint venture to create a Pan-African foods product company. The assets are from different African companies include brands such as Jumbo, Gino and Pomo, Jago Milk and distribution rights for Bama. The agreement included three production plants – one in Ghana and two in Nigeria. 
  • Sherritt International, the Canadian diversified miner, has reached an agreement with its joint venture partners Sumitomo Corporation and Korea Resources Corporation, to reduce its interest from 40% to 12% in Ambatovy nickel and cobalt mine in Madagascar. 

 DealMakers is SA’s M&A publication



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