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Who’s doing what in the M&A space?

Ascendis Health, SacOil, Adcock Ingram, Jubilee Platinum, Exxaro and others.

JSE-listed companies

  • Ascendis Health has announced three acquisitions this week. The company acquired the southern African veterinary operations of Cipla India for R375 million. The business established in 2004 sells a range of animal medicines under the brands Cipla Vet and Cipla Agrimed. The company has also announced the purchase of Sunwave Pharma SRL, a distribution company based in Romania for €16.35 million (R224 million) and NHP Natural Health Pharma, a nutraceutical company based in Cyprus for an amount between €26.1 million (R357.6 million) and €49.1 million (R672.6 million) depending on the financial performance of the business over the next three years. 
  • SacOil is to acquire 100% of Phembani Oil from Gentacure and its holding company, Moopong Investments. Phembani’s only asset is a 71% direct interest in Afric Oil Group, one of the largest local independent fuel distributors. The purchase consideration will be up to a maximum of R200 million split into an unconditional R147.3 million and a conditional consideration of up to R52.7 million.
  • Adcock Ingram, through its consumer division, has announced the acquisition of the full range of Island Tribe sunscreen products for the local market. The Natural Lab range of premium body care has also been acquired. The acquisitions from Creighton Products are in line with the company’s focus on expanding the product portfolio in mainly non-regulated areas. The value of the acquisitions were undisclosed.  
  • Jubilee Platinum has entered into a transaction with Resilience Mining Australia (RMA) to explore and develop RMA’s Leigh Copper Mine and other copper Mining Tenements. Under the agreement, Jubilee Platinum will have the right to acquire up to 100% of the issued shares in the project company for staged considerations totaling A$4.5 million (R44.1 million) for the acquisition of shares. A further A$3.5 million is payable in secured loans and subscription payments. 
  • Capital & Regional has announced the acquisition of The Exchange Centre, Ilford from a Meyer Bergman fund for £78 million (R1.24 billion) 
  • Exxaro Resources, the diversified mining company, has announced its intention to begin exiting its 44% stake in mineral sands company Tronox. 
  • Tawana Resources has exercised its option to acquire 100% of four tenements which are all highly prospective for lithium. The vendors can elect to receive $2 million (R19.6 million) in cash or shares (or a combination). 
  • Putprop has invested R20 million in associate Belle Isle Investments. Belle Isle has recently concluded an agreement with three property-owing entities for the amalgamation of the entities into a single property portfolio company. As such Putprop’s equity holding has decreased from 27.5% to 21% of the amalgamated entity.
  • Spear REIT subsidiary Spear One has entered into an agreement with Capital Propfund 1 to acquire 2 Long Street, Cape Town in the Western Cape. Spear One, 70% held by Spear REIT, will acquire the property for R395 million.

 Unlisted companies

  • Fairtree Private Equity Hospitality Fund, SA’s investment vehicle specifically aimed at benefitting from the recovery of the hotel and tourism industry, has acquired Borrowdale Gates Hotel in the UK for £3.75 million (R59.25 million).   
  • Sekunjalo Group and Ramphastos Investments have formed a joint venture in a local gold reclamation project. The deal will bring novel technology to the country enabling the reclamation of significant amounts of gold from mining dumps. 
  • dmg events (Middle East, Asia & Africa) has acquired Coatings for Africa, the largest and longest-running event for its industry on the continent. The biennial event will retain the SA Paint Manufacturers Association and the Oil and Colour Chemists Association as partners. 
  • Afgri, a leading agricultural services and processing company with a core focus on grain commodities, has acquired the SA portion of Bank of Athens. The stake will give Afgri the right to accept deposits, something its relationship with the Land Bank does not provide. The price tag is undisclosed. 
  • Vestacor, the venture capitalist firm, will cede management of its struggling department chain Stuttafords, to new management following the vote of 85% of creditors in favour of an amended business rescue plan.

… and in Africa

  • African Energy, listed on ASX, is to sell its Zambian uranium portfolio to GoviEx Uranium for 3 million GoviEx shares and 1.6 million common share purchase warrants. GoviEx is listed on the TSX-V. 
  • TA Associates, a global growth private equity firm, has acquired a minority interest in Interswitch, an Africa-focused integrated digital payments and commerce company. Financial details of the transaction were undisclosed. 
  • Airtel Ghana, a subsidiary of Bharti Airtel, is to merge its operations with Tigo Ghana, a subsidiary of Millicom International Cellular. The combined business entity will have some 10 million customers of which 5.6 million are classified as data customers and is expected to cover more than 80% of Ghana’s population with high speed data.

DealMakers is SA’s M&A publication.

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