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

Steinhoff, Grand Parade, Sun International, Anglo American, Imbalie Beauty and more.

JSE-listed Companies

  • Glencore has entered into an agreement with Canada Pension Plan Investment Board to sell its 40% stake in Glencore Agricultural Products for $2.5 billion. The part-sale is seen as the next stage in the development of Glencore Agri.
  • Wilderness has agreed to buy from Monitor International Holdings a 51% stake in Governor’s Camp Group. The acquisition tag of $6.2 million gives Wilderness an opportunity to expand into East Africa.
  • Sun International has abandoned its R9.5 billion takeover plan of Peermont, announced in March 2015, due to regulatory objections. 
  • Adcock Ingram has disposed of its Indian pharmaceutical marketing and selling business to Samara Capital Partners Fund II, an Indian focused private equity firm. The Enterprise Value of the transaction has been put at R336 million.
  • Balwin Properties has finalised a deal with Portimix for the acquisition of development rights in the Kyalami/Waterfall node situated in Gauteng. The consideration payable by Balwin is R1.5 billion.
  • Grand Parade Investments has, as part of an agreement signed in 2014, sold a further 25% stake in GPI slots to Sun International for R274 million. The proportionate share of shareholder loans is R53.7 million.
  • Steinhoff International, through its subsidiary Conforama, has made an undisclosed offer to buy a significant part of the bedding business of France’s Cauval. The offer is one of several others for the loss-making Cauval which was placed in receivership in February.
  • International Hotel Group has completed the acquisition of two UK Holiday Inn Express hotels located in Redditch and Southampton for a purchase price of £26 million.
  • Anglo American has entered into a sale agreement with a consortium led by Australian Taurus Fund Management to sell its 70% stake in the Foxleigh metallurgical coal mine in Queensland, Australia.
  • Tsogo Sun has revived a plan to acquire stakes in Sunwest International and Worcester Casino. The company will acquire a 20% interest in Sunwest International and Worcester Casino for R1.3 billion. In terms of the new deal, Tsogo Sun will acquire a 10% voting and economic interest in Sunwest and Worcester from Sun International for R675 million. It will also acquire a 10% stake in both from Grand Parade Investments for R675 million.
  • Mas Real Estate has concluded an agreement to acquire a portfolio of 20 properties throughout northern and central Germany from various subsidiaries of Edeka MIHA AG. The purchase price of the acquisition is €56.01 million.
  • Net1 UEPS Technologies has announced the acquisition of a 60% stake in Masterpayment AG, a specialist payment services processor based in Germany. The value of the transaction was undisclosed.
  • Imbalie Beauty has entered into an agreement to acquire the property 23 Saddle Drive, Woodmead Office Park in Gauteng for R13.2 million.

Unlisted companies

  • Dimension Data has acquired privately-owned Ceryx, a Toronto headquarter provider that offers a suite of services across the Microsoft Messaging and Collaboration Suite, including Office 265, Exchange, Sharepoint and Skype for Business. The transaction value was undisclosed. 

… and in Africa

  • Mediterrania Capital Partners, active in the Maghreb region, has acquired a 43% stake in Algerian Cieptal Cars through its second fund Mediterrania Capital II. 
  • Bushveld Minerals, through its 84% energy subsidiary Bushveld Energy, has signed a Memorandum of Understanding with UniEnergy Technologies. The MOU provides a framework of cooperation between the two in the development of market opportunities for vanadium-redox flow batteries. Bushveld Minerals has a portfolio of vanadium, titanium, iron ore, tin and coal assets in Africa.
  • ASX-listed Bass Metals is to acquire the remaining 93.75% it does not already own in Aim-listed StratMin Global Resources’ graphite operations Graphmada Mauritius for A$15.25 million.
  • The European Bank for Reconstruction and Development has converted an existing $50 million loan to United Sugar Company of Egypt into equity and provided the company with an additional $50 million in share capital. 
  • Orange, a French telecommunications company, is to invest €75 million in Nigerian e-commerce group Africa Internet Group (AIG). 
  • AfricInvest, a pan-African mid-cap-focused private equity firm has announced that its Maghreb Private Equity fund III has invested in Outsourcia Group. Outsourcia is a contact centre and business process outsourcing provider. 
  • Branch International, a Silicon Valley start-up based in Kenya, has received an investment of $9.2 million from venture capital firm Andreesen Horowitz. Branch’s Android app eliminates the challenges of getting a loan by using the data on the applicant’s phone to create a credit score.

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

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