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Who’s doing what in the M&A space?

ADvTECH, Sasfin, PSG, African Rainbow Capital and others.

JSE-listed companies

  • Indluplace Properties has concluded an agreement to acquire Diluculo Properties from Diluculo Investments for R475 million. Diluculo owns a portfolio of 1 319 residential units with 2 147 sqm of associated retail situated primarily in Gauteng. 
  • M FiTEC International has entered into agreements to acquire 87.01% stake in WIZZIT, a pioneer of cellphone banking for initial purchase consideration of R104.4 million; Magix a company specialising in cyber security for an initial R12.5 million and; Finteq Group, which develops and implements payment solutions for the financial services industry, for an initial purchase consideration of R60 million. M FiTEC will on sell a 30% stake in Finteq to BEE partner Nonuq Empowerment Partners for R7.2 million.
  • ADvTECH has acquired Elkanah House Schools in the Western Cape. The company’s schools division now comprises 90 schools serving some 27 000 pupils. The value of the transaction was undisclosed. 
  • Resilient REIT and Greenbay Properties have acquired Forum Coimbra and Forum Viseu, shopping malls in Portugal, from RPPSE Holdings BV on a 50:50 shareholding basis for a cash consideration €219.25 million (R3 billion). 
  • Niveus Investments, Tsogo Sun and Hosken Consolidated Investments have restructured a deal previously announced in December last year to give Niveus shareholders the opportunity to separately retain, dispose of or increase their interest in the gaming business without affecting their current interest in the other assets held by Niveus. 
  • Sasfin has concluded a binding offer with ABSA Technology Finance Solutions to acquire its entire loan book. In addition to acquiring the loan book, Sasfin will take on ATFS’ staff and acquire ATFS’ information technology systems related to the management of the loan book.
  • Trevali Mining, the Canadian base metals producer, has acquired from Glencore, a portfolio of zinc assets including an 80% interest in the Rosh Pinah mine in Namibia, a 90% interest in the Perkoa mine in Burkina Faso and an effective 39% stake in the Gergarub project in Namibia with an option to acquire a 100% interest in the Heath Steele property in Canada and certain related exploration properties and assets. The aggregate purchase price paid to Glencore is $400 million (R5.2 billion). 
  • PSG subsidiary energy supplier Energy Partners has acquired Dryden combustion for an undisclosed sum. Dryden is a refurbished coal, oil and gas fired packaged steam boiler suppler. 
  • Echo Polska Properties has acquired an effective 70% stake in Galeria Mlociny Shopping Centre via its acquisition of a 70% stake in Rosehill Investments. The deal with Powell Real Estate International, Elsoria Trading, Terbanacle and Terbanacle Investments was valued at €9 million (R126 million). 
  • Labat Africa has announced that its acquisition of a 51% stake in Ormin, reported in January has failed. Information required to complete the due diligence process was not furnished within the required time frame. 
  • Freedom Property Fund has disposed of a property in Gonubie, East London to Struwig Project Managing CC for a total consideration of R13,6 million.

Unlisted companies

  • African Rainbow Capital has entered into a joint venture arrangement with the Buffet KLT Consortium which will focus on empowerment linked property transactions. The joint venture, ARC Real Estate, will provide capital and services to property entrepreneurs and corporates which own real estate. 
  • Consilium Capital Partners, a 100% black-owned company, has announced the acquisition of a 51% shareholding in Consilium Capital SA in a self-funded deal. 
  • Dormakaba South Africa has acquired AWM360 Data Systems, the supplier of Kaba Workforce Management and Access Control Solutions. The value of the transaction was undisclosed. 

… and in Africa

  • ExxonMobil and Eni have signed an agreement by which ExxonMobil will acquire from Eni a 25% indirect interest in the natural gas-rich Area 4 block, offshore Mozambique. Eni currently holds a 50% indirect share in the block through a 71.4% stake in Eni East Africa which owns 70% of the Area 4 concession. The agreed terms include a cash price of $2.8 billion. 
  • Australian uranium developer Bannerman Resources has entered a subscription agreement with Namibian company One Economy Foundation to become a 5% loan-carried shareholder in the Etango Project, a significant driver for positive development in the Namibian economy.  
  • SGG Group, a European leader in investor services, has acquired Cim Global Business, a Mauritius-based provider of corporate, trust and fund administration services with offices also in SA and Singapore. 
  • Africa Finance Corporation, a pan-African multilateral development finance institution and project developer, is to invest $25 million in Egyptian petrochemicals company Carbon Holdings. 
  • Sahel Capital, fund managers for the Fund for Agricultural Finance in Nigeria and Cardinal Stone Capital Advisers, a Nigerian Private Equity Fund Manager, have executed an investment in Crest Agro Products, an integrated cassava processor in Nigeria.
  • Godrej Consumer Products, the Indian FMCG firm, is to acquire the remaining 49% stake in African hair and skin care firm Weave Senegal in an all cash deal. Financial details of the transaction were undisclosed. 
  • The Direct Pay Online Group has announced the 100% acquisition of the Botswana and Namibia operations of Virtual Card Services. 
  • CDC Group, the UK’s development finance institution and IFC, a member of the World Bank, will invest $35 million in Africa Logistics Properties (ALP), a developer and manager of modern grade-A warehousing. The funds will be used for developments in Nairobi, Kenya.  

 DealMakers is SA’s M&A publication.

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Mark Swanepoel

Mark Swanepoel

Axiomatic Consultants
Moneyweb Click an Advisor
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