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Who’s doing what in the M&A space?

Hospitality Property Fund, Vodacom, Northam Platinum and more.

JSE-listed companies

  • Hospitality Property Fund has entered into an agreement with Tsogo Sun subsidiaries The Cullinan Hotel, Merway Fifth Investments and Southern Sun Hotels to acquire a portfolio of 29 Hotels for R3.6 billion payable in cash and new shares. Tsogo Sun currently holds a 50.6% stake in Hospitality. Hospitality intends to undertake a fully underwritten rights offer to raise R1.8 billion. 
  • Vodacom has acquired from its parent company Vodafone International, an 87.5% stake in Vodafone Kenya which holds as its only asset a 39.93% interest in Safaricom. The acquisition gives Vodacom a 34.94% indirect stake in Safaricom valued at R34.6 billion. Payment for the acquisition will be through the issue of 226.8 million new Vodacom shares. This will increase Vodafone’s stake in Vodacom from 65% to 69.6%. 
  • Northam Platinum subsidiary Mvelaphanda Resources, has sold its 7.5% stake in the Pandora joint venture to Eastern Platinum, a subsidiary of Lonmin. The consideration payable amounts to R45.57 million plus the amount of any further cash calls paid by Northam to the joint venture prior to the completion of the transaction. 
  • African Media Entertainment has made a firm intention offer to Moneyweb minorities. The scheme proposes a cash-based offer of R0.26 per share or an alternative option of AME shares priced at R0.28 per share. 
  • Torre Industries, via its Torre Parts and Components business unit, has acquired Top Class Automotive, a distributor of SKF bearings and related products for the automotive and commercial markets. 
  • Accentuate has acquired the entire issued share capital of Pentafloor for an amount of R20 million and a deferred amount of up to R20 million. 
  • Gemgrow Properties has acquired various property letting enterprises in Louis Trichardt for a total value of R330 million. 
  • Pembury Lifestyle Group, has acquired the retirement business relating to six Pembury retirement lodges, excluding the properties, from A McLachlan for R39.5 million. Of this, R7 million will be paid in cash and the remainder settle by way of an issue of shares at R1 per share. 

Unlisted companies

  • Dabur South Africa, a subsidiary of Indian Dabur International, has acquired local hair brand Long and Lasting. The agreement includes the acquisition of the manufacturer of Long and Lasting, D&A Cosmetics and the distributor Atlanta Body & Health.  

…… and in Africa

  • CIB, Egypt’s largest listed bank, has agreed to sell a further 13.7% stake in its CIB Capital investment banking arm in two separate deals to individual investors. CIB recently sold a 75% stake to a consortium of investors in a deal worth $40 million. 
  • DOB Equity, a Dutch family office, is to invest up to $4 million in African Logistics Properties, a developer and manager of modern grade-A warehousing in Kenya. The investment will allow the firm to undertake developments and expand its operations across East Africa. 
  • The Moringa Partnership, an impact investor which targets agroforestry projects located in Latin America and sub-Saharan Africa, is to invest $6 million in Asante Capital EPZ, a Kenyan agroforestry business. 

 DealMakers is SA’s M&A publication.

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