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

News from Eastplats, Super Group, Royal Bafokeng Holdings, the Moroccan government and more….

JSE Listed Companies

  • Eastern Platinum has reached an agreement to sell its Barplats Mines, which holds the Crocodile River Mine, to Chinese company Hebei Zhongheng Tianda Platinum. The consideration of $50 million (R750.5 million) is payable in cash.
  • enX is set to acquire Eqstra’s Industrial Equipment business and its Fleet Management and Logistics business together with a 20% equity stake in Eqstra. The combined transaction cost is R7.8 billion and will be settled by enX through the issue of shares and the undertaking of an equity capital raise.
  • Super Group and global logistics provider Agility are to form a joint venture following Agility’s acquisition of a minority stake in Super Group’s freight forwarding subsidiary Micor. The new venture, SG Agility, will offer local and multinational customers a range of logistics and supply chain solutions.
  • New Europe Property Investments has acquired Shopping City Sibiu in Romania from the Argo Group. The transaction value is €100 million (R1.68 billion). The company has also concluded an agreement with the Austrian development group Real4You to purchase the remaining 30% stake in Mega Mall in Bucharest. The value of the transaction was undisclosed.
  • Schroder European Real Estate Investment Trust has acquired a 70% stake in a newly formed joint venture with Mercialys. The JV, which has an initial term of six years, holds two grocery-anchored retail investments located in Rennes and Anglet in France. The purchase price for the stake is €43.2 million (R718.4 million).
  • Anheurser-Busch InBev has received Competition Tribunal approval, with conditions, of its proposed combination with SABMiller. This represents the conclusion of the merger process in SA.
  • Mara Delta Property through its subsidiary Delta International Mauritius has entered in to an agreement with Rockcastle Global Real Estate to purchase a 100% stake in Lusaka Cosmopolitan Investments (LCI). LCI holds a 50% stake in the Cosmopolitan Shopping Centre located in Lusaka. The purchase consideration amounts to $24.2 million (R367.3 million).
  • African Dawn Capital has amended its 2015 transaction to sell Elite to Dzothe Financial Solutions. In terms of the new Elite transaction, Afdawn will sell 100% of Elite, 100% of African Dawn Property Transfer 1 and African Dawn Property Transfer 2 for R20 million.
  • Metair Investments has acquired a 25% shareholding in Kenya-based Battery Manufacturers East Africa for a total consideration of $7.3 million (R110.9 million). The acquisition is in line with the company’s aim to expand capabilities in the renewable energy field.
  • Rockcastle Global Real Estate has concluded an agreement with Tesco to acquire the Forum Liberec shopping centre situated in the Czech Republic for an aggregate purchase price of €80 million (R1.34 billion). In another transaction Rockcastle purchased the retail park adjoining its Platan Shopping Centre in Zabrze, Poland. The purchase price was undisclosed.
  • Sentula Mining is to dispose of its entire 50.5% shareholding in Sentula Coal to Close-up Mining in exchange for a 40% stake in Close-Up.
  • RMB Holdings has made a 34% investment in urban renewal property company Propertuity.
  • Stellar Capital Partners is to acquire the remaining 2.79% stake in Bidco for R8.13 million. Bidco was established specifically for the purpose of acquiring the holding in Cadiz as a wholly-owned subsidiary pursuant to the Bidco/Cadiz scheme transaction.
  • Freedom Property Fund has announced the disposal of Zolo Props to SADC Infrastructure Consulting for R12.2 million. In addition the company has also disposed of Erf 493 La Hoff Township to Bridge City Housing Consortium for R2.4 million.
  • Steinhoff International has been notified that the Board of Poundland has not accepted the company’s proposal regarding a possible cash offer for the entire issued capital of UK high street discount chain Poundlands. Poundlands has been struggling to digest the acquisition of rival 99p Stores it made last September.
  • Zeder Investments has agreed with PSG that the existing management agreement and function in terms of which PSG Corporate Services provides investment, management financial and other services to Zeder and its subsidiaries, be internalised by Zeder against the issue of 207 661 758 new Zeder shares.
  • Investec Australia Property Fund has acquired 113 Wicks Road, Macquarie Park in Sydney for A$23.25 million (R259.5 million). The purchase consideration will be funded through an existing debt facility.

Unlisted Companies

  • Royal Bafokeng Holdings and Econet Global, through its subsidiary Liquid Telecom, are to acquire SA communications network operator Neotel for R6.55 billion. Neotel is currently owned by India’s Tata Communications and other minority shareholders led by Nexus Connexion. Royal Bafokeng has agreed to acquire a 30% stake.
  • Brenntag, the global market leader in chemical distribution, has increased its presence in SA by acquiring Warren Chem, a Cape Town-based company. Warren Chem is a speciality chemicals distributor focusing on the local pharma and food industries.
  • Tritech Media, a media technology innovator controlled by the Kirsh family, has announced the acquisition of an effective 20% stake in big data and lead generation company Geospatial Data Solutions.
  • Strategic Fuel Fund has offered to buy Chevron’s 75% stake in SA’s Cape Town oil refinery and other downstream assets, including those in neighbouring countries.
  • Coast2Coast Capital has announced the acquisition of Australian local homewares wholesaler Albi. The purchase consideration has been speculated at A$50 million (R556.5 million).

…… and in Africa

  • Hummingbird Resources, the West African gold company, has entered into an MOU with Kola Gold with the view to amalgamating certain of its non-core gold exploration permits in Mali together with those of Kola in Mali and Senegal, creating a new company called Cora Gold. Kola would hold a 57% stake and Hummingbird 43% in Cora Gold.
  • Thor Explorations, a TSX- listed junior natural resources company, has entered into exclusive agreements for the acquisition of a 100% interest in the Segilola gold project in Nigeria. Thor will acquire the asset from Tropical Mines and Delano Gold Mining Industries and through the acquisition of its joint venture partner Segilola Gold from Ratel Group, a wholly-owned subsidiary of RTG Mining. In connection with the acquisition, the company intends to complete a private placement for proceeds of up to C$6 million.
  • The Moroccan government has sold a 40% stake in state-owned port operator Marsa Maroc for a reported $197 million. Established in 2006, Marsa Maroc manages terminals at nine Moroccan ports and provides logistic services.
  • Otto Energy, listed on the ASX, has reached an agreement with MV Upstream Tanzania, a joint venture between Vegas Oil & Gas and Motor Oil Hellas SA, in respect of the assignment of a 25% participating interest in the Kilosa-Kilombero Licence, onshore Tanzania.
  • Emerging Investment Partners has announced the acquisition of General Cable Egypt, a subsidiary of the US-listed General Cable USA. General Cable Egypt is one of the leading cable producers in Egypt specialising in low voltage cables with a solid share of the market and significant export potential.
  • Aura Energy, an Australian-based uranium company, has secured the rights to acquire two exploration permits on extensive Archean Greenstone belts in Mauritania. The areas lie along strike from Kinross’ giant Tasiast Gold Mine and also from Algold’s Tijirit gold deposits.
  • Manas Resources, an Australian-based gold developer, has acquired the Victoria gold project in Tanzania from a private Italian group Cienega for $4 million in cash and shares.
  • Essar Energy Overseas is to sell its 50% stake in Kenya Petroleum Refineries to the Government of Kenya which currently holds the remaining stake. Essar acquired its stake in 2009 from Shell Petroleum, BP and Chevron Global Energy.
  • Injaro Agricultural Capital, the impact investment fund managed by Injaro Investments has invested in Gold Coast Fruits, a Ghanaian pineapple exporter base in Accra. The investment will be used in new equipment and technology, to rehabilitate ageing farm infrastructure and strengthen its management team.
  • Lekela Power, a pan-African renewable energy generation platform and joint venture between Actis and Mainstream Renewable Power, has acquired the co-development rights and sole rights to invest in the 158 MW Taiba Ndiaye Wind Project in Senegal. Lekela also has projects in Egypt, Ghana and South Africa.
  • Propertyfinder Moroccan subsidiary Sarouty.ma, has acquired Selektimmo in a bid to benefit from the online real estate boom in the country. The purchase consideration was undisclosed.(DealMakers is SA’s M&A magazine. www.dealmakers.co.za

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