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

News from JSE-listed and unlisted companies and those in the rest of Africa.

 

JSE-listed companies

  • Giyani Gold has entered into a letter of intent agreement with Crystal Capital Wealth, a Toronto-based provider of financial products and services. In terms of the agreement, it is proposed that Giyani would acquire all the issued and outstanding securities of Crystal by means of a reverse takeover and change of business.
  • Allied Electronics’ subsidiary Powertech has entered into an agreement with Chinese firm Hengtong, in which it will dispose of a 75% stake in Aberdare Cables. Aberdare International will also dispose of a 100% stake in Aberdare Europe. The purchase consideration payable will be based on an equity value of R1 billion in respect of the Aberdare Group. In addition Hengtong will assume the group’s debt of R232 million.
  • Indluplace Properties has acquired a portfolio of properties from the South African Workforce Housing Fund for R707 million. The portfolio of residential properties consists of 1,275 units located in the Western Cape (26%), Mpumalanga (25%) and Gauteng (49%).
  • Cargo Carriers has disposed of its 55% stake in Buks Haulage Zambia and its 51% shareholding in Buks Haulage Namibia for a purchase consideration of $1,94 million. The assets were sold to Beefco, the controlling shareholder of which is the 45% and 49% shareholder in BHL Zambia and Namibia.
  • Datatec subsidiary Logicalis has acquired the issued share capital of Thomas Duryea Consulting, an Australian information and communications technology group. Thomas Duryea is a provider of Data Centre, Cloud and Microsoft solutions and services with operations in Melbourne and Sydney.
  • Coal of Africa has signed a non-binding Memorandum of Understanding with Qingdao Hengshun Zhongsheng Group in respect of a proposed equity investment of 34% in Baobab Mining and Exploration. Baobab is a subsidiary of CoAL and the owner of the mining rights for the Makhado Project. The preliminary cash acquisition price is $113,94 million.
  • Ecsponent has acquired a 51% stake in asset manager Clade from NRC Trust and GR Goldblatt. Founded in 2004, Clade has category 2 and 2A investment licences and offers a range of alternative, traditional, long-only and hybrid investment solutions for investors in Africa and globally.
  • Aspen subsidiary Aspen Global has entered into an agreement with US-based McGuff Pharmaceuticals, to acquire the intellectual property and recently approved Abbreviated New Drug Application in the US in respect of the finished dose form of Hydroxporgesterone Caproate (HPC). HPC is used in the treatment of certain female cancers and hormonal imbalances.
  • Truworths International has entered into an agreement to acquire an 88.9% stake in UK-based Office Retail Group. The £227,6 million stake was acquired from Silverfleet Capital and existing Office management.
  • Brikor has acquired the remaining 69% stake in Ilangabi Investments 12 which holds the mining right to a portion of the remainder of the farm Vlakfontein 281 IR, situated near Nigel. The purchase price is R20 million. The coal mined at Ilangabi is sold to various traders and local buyers while the clay extracted during the operations is used in Brikor’s brick manufacturing.
  • Stellar Capital Partners has agreed to acquire an additional 63.14% stake in Tellumat for R166,72 million. The stake was acquired from Asgard Capital Assets (29.89%) and Makana Component Holdings (33.25%). 
  • Allied Electronics has disposed of Powertech System Integrators to Capitalworks Private Equity Advisor. PTSI is a systems engineering business which operates in the power and energy sectors in SA and sub-Saharan Africa. The cash consideration received for the assets is R140 million.

Unlisted companies

  • De Beers Consolidated Mines has signed an agreement to sell Kimberley Mines to Ekapa Minerals, an investor consortium. The consortium comprises Ekapa Mining (50.1%) and Petra Diamonds (49.9%). The acquisition price is estimated at $7,2 million.
  • Old Mutual Private Equity has acquired a 70% stake in MoreCorp, a local golf-equipment retailer for R300 million. MoreCorp controls some 40% of the country’s gold market with The Pro Shop, World of Golf and Playmoregolf outlets.
  • Intervid Africa, a security solutions division of United Business Solutions has acquired the Workforce Management Solutions unit from NGA Africa. The acquisition expands Intervid’s presence into the exciting time and attendance market throughout sub-Saharan Africa.
  • Beryl Holdings, a SA investment firm, and AIM listed African Potash have entered into a long term relationship whereby Beryl’s main fertiliser trading activities will be restructured to form a wholly owned subsidiary of African Potash. This agreement is expected to strengthen African Potash’s fertiliser trading and delivery capabilities in Southern and Eastern Africa.

 

… and in Africa

  • Austrian-based plastics packaging company Alpla Holdings, will take over the Egyptian production site of Greek company Argo SA at the end of 2015. The acquisition represents the second such move to expand its presence in Africa. Alpla’s first site was opened in SA in 2014.
  • US-based company Strength of Nature has acquired the Motions, Just for Me, Consort and Groom & Clean brands from Unilever. It also acquired the TCB brand’s business in Africa.
  • Oil and gas exploration and production company Lekoil, has agreed to acquire Afren’s entire 22.86% participating interest in OPL 310, which contains the Ogo discovery, for a total cash consideration of $13 million.
  • The International Finance Corporation is to invest in a 20% stake of Sphinx Glass, a subsidiary of Saudi-based Construction Products Holding Company. The investment will optimise production, improve its energy efficiency and create more jobs as well as boosting Egypt’s industrial infrastructure. 
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