Who’s doing what in the South African & African M&A space?

News from Pinnacle, Mondi, Aveng, Investec Australia Property Fund, Ceres Fruit Processors and others in Africa.

JSE-listed companies

  • Hospitality Property Fund has agreed the terms of disposal of its interests in Inn On The Square to African Hotel Development Cape Town for R157 million.
  • Pinnacle has submitted a non-binding expression of interest to acquire the remaining 42.9% stake not held in Datacentrix for R541 million. 
  • Mondi, listed locally and on the LSE, is to acquire the Russian-based corrugated packaging producer Beepack for €41 million (R631,4 million). The acquisition is in line with the company’s ongoing development of the business in central and eastern Europe. 
  • Aveng, has concluded a deal with Kutana Construction which will acquire a 45% economic interest in Aveng Grinaker-LTA. The purchase price for the stake is capped at a maximum amount of R756 million. 
  • Esor, through its subsidiary Esor Construction, has acquired the Turboseal Group for a combined R33,25 million. Turboseal is involved in trenchless technologies in local municipalities and industries. 
  • Afrimat has announced the acquisition of a 60% stake in Diro Manganese and Diro Iron Ore from Diro Resources which is currently in Business Rescue. The purchase consideration payable is R276 million.
  • Northam Platinum is to acquire part of Anglo American’s Amandelbult property and associated mining rights for R1 billion in cash to grow production at its Zonereinde mine. Northam will also acquire a portion of the Elandsfontein 386KQ farm overlying part of the acquired resource in exchange for a portion of the Zondereinde mining right.
  • Sabvest has acquired a 25% stake in the business of Flexo Line products, a manufacturing business based in Cape Town. The company specialises in high quality injection moulded plastic products primarily for the spice industry locally and internationally.
  • Investec Australia Property Fund, has acquired a 50% stake in a property located at 324 Queen Street, Brisbane, Australia from Dexus Property Group and Brookfield. The remaining stake was acquired by Abacus Property Group. IAPF’s stake was acquired at A$66 million (R691,7 million).


Unlisted companies

  • Universal Technology has acquired a 51% stake in Johannesburg-based MiBRAND. The Funds will be used to focus on increasing the global footprint, starting with the launch of the mobile development branch in Asia. 
  • Ceres Fruit Processors has acquired the assets of Breede Valley Fruit Processors located in Worcester, Western Cape. The facility will be renamed Ceres Fruit Processors.


… and in Africa

  • Avocet Mining has entered into a conditional joint venture agreement regarding its gold project in Guinea, known as Tri-K, with a subsidiary of Managem SA, a Moroccan mining group listed on the Casablanca stock exchange. Managem, which has committed to a total investment of $14 million, will acquire an initial minority stake which will increase to a majority interest of up to 70% on completion of an agreed work programme.
  • Catalyst Principal Partners, an East African focused private equity firm, has acquired a controlling stake in Zenufa Laboratories in Tanzania. It is the second largest pharmaceutical generics manufacturer in the country.
  • Safaricom, a Kenyan firm, has announced an investment in Eneza Education through its $1 million Safaricom Spark Venture Fund. Eneza Education provides mobile-based education tools for primary students. 
  • Marina Resources, listed on AIM and TSXV, has reached an agreement to acquire an 80% stake in Awalé Resources, a private exploration company focussing on gold projects in Côte d’Ivoire. The transaction valued at $688,999 will provide Mariana with an immediate presence and footprint in the country.


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


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