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Who’s doing what in the M&A space?

Capital & Regional, Vunani, Capital Appreciation, EOH, Invicta and others.

JSE-listed companies

  •  Capital & Regional, the UK-focused specialist property real estate trust has sold its Buttermarket Centre in Ipswich, UK to the National Grid Pension Fund for £54.7 million (R883,1 million). Capital & Regional have a secondary listing on the JSE. 
  • Vunani is to acquire 100% of Fairheads through Mandlalux in which it currently has a 62.5% stake. Vunani has acquired the shares held by the senior management of Fairheads in Mandlalux representing a 30% stake in Fairheads. The transaction value of R18.27 million will be met in part by the issue of 10 464 647 Vunani shares at R1.65 per share. 
  • Capital Appreciation has announced the acquisition of three separate financial technology companies; African Resonance Business Solutions for R525 million, Rinwell for R225 million and Synthesis for R142.3 million. The company has also agreed to invest R36 million in Resonance Australia equal to a 17.45% stake in the business.  
  • EOH through its subsidiary EOH Industrial Technologies has entered into a strategic joint venture with German energy group Steag Energy Services. The joint venture will cover all aspects of power project developments. 
  • Invicta has entered into an agreement with Steinhoff Doors and Building Materials to dispose of Building Supply Group for a provisional R678 million. 
  • The potential merger between Steinhoff and Shoprite has been terminated due to an inability to agree on a price. Major shareholders in Shoprite such as the Public Investment Corporation and Coronation are said to have expressed unhappiness at the exchange ratio that would have applied to the share exchange. 
  • Telkom subsidiary Bytes Technology, has sold a 51% stake to IYAVAYA HR Solutions. 
  • Freedom Property Fund has, through its subsidiary Kadoma Investments, disposed of two properties in the Limpopo province for a total transaction value of R13.45 million. The properties have been sold to Boulder Processing. 

 Unlisted companies

  • Twinsaver Group is in talks to acquire hygienic disposable products company Validus Medical. The transaction value of the acquisition was undisclosed. 
  • Aon Plc, a global provider of risk management, human resource consulting and outsourcing, has sold its shareholding in 10 employee benefit, insurance and reinsurance brokerage operations in Angola, Kenya, Lesotho, Malawi, Mozambique, Namibia, Swaziland, Tanzania, Uganda and Zambia to Capitalworks, an Africa focused and based private equity firm.

 … and in Africa

  • Stimulus Investments has subscribed for a 67.6% stake in Khomas Solar Saver which operates in the renewable energy sector providing installed rooftop solar photovoltaics to the Namibian market. 
  • Injaro Investments, the manager of the agricultural impact fund IACHL, has sold a 30% stake in seed producer NAFASO SA to the founders and other shareholders. The share sale represents a full exit from NAFASO after a holding period of just less than four years. 
  • Cape Lambert, listed on the ASX, has signed a joint venture agreement with Congolese company Paragon Mining to develop the Kipushi cobalt-copper tailings project, the Kasombo copper-cobalt project and to operate the Kipushi processing plant. The joint venture partners will also work to identify and secure other copper, tin, zinc and cobalt projects not only in the DRC but also in Zambia. 
  • Coal and energy company Minergy is to list on the Botswana Stock Exchange in the next few months and also plans to list on the JSE in the latter half of 2017. 
  • The Capital Markets Authority in Kenya has approved the listing of the first Exchange Traded Fund, to be issued by NewGold Issuer which tracks the price of gold. South African NewGold Issuer will issue and list 400 000 Gold Bullion Debentures as a secondary listing on the Nairobi Securities Exchange. 
  • Universal Steel, the Nigerian steel company has been acquired from Ikeja by a new group of private investors. 

 DealMakers is SA’s M&A publication. www.dealmakers.co.za

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