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

EOH, Tower Property, Illovo Sugar and more.

JSE-listed companies

  • EOH has acquired Aptronics, a black-empowered IT solutions provider. The purchase consideration of R194 million is payable over two years by way of 50% cash and 50% in EOH shares.
  • New Europe Property Investments has acquired the Forum Ústi nad Labem shopping centre in the Czech Republic from the Meyer Bergman Fund. The purchase price is €82.6 million (R1.37 billion).
  • Tower Property Fund has announced its decision to internalise its management company by way of an acquisition of all shares in Tower Asset Managers. The consideration payable is R145 million.
  • African Dawn Capital has entered into an agreement with SJJMC Property to sell the rental enterprise Portion 214 of the Farm Lyttleton 381, a residential housing complex, for R32.5 million.
  • Illovo Sugar has entered into a transaction implementation agreement with Associated British Foods in terms of which ABF will make an offer to acquire 224.1 million shares not already held at R25 per share. ABF currently owns a 51% stake. This values the transaction at R5.6 billion.
  • Brimstone Investment subsidiary Sea Harvest has made an offer to acquire a further 39.7% stake in Mareterram, an ASX-listed vertically integrated agri-business, for a maximum R225.4 million. Earlier this year Sea Harvest acquired a 19.9% stake in the company.
  • Brimstone Investment has acquired from Kagiso Strategic Investments III, a 26.56% stake in Sea Harvest, increasing its stake to 85%. Brimstone will also acquire 526 279 redeemable preference shares. The total consideration for the transaction is R270 million. 
  • Pivotal Property Fund has agreed to co-invest with Redefine by acquiring a 6% stake in Echo Prime Properties from Redefine for €30 million. Redefine bought a 75% stake in Echo last month with the intention of reducing its shareholding to around 50%.

Unlisted companies

  • Dark Fibre Africa, a leading provider of open-access fibre infrastructure, has announced the acquisition of a significant minority stake in SA Digital Villages. SADV has a proven track record in the FTTH market segment.
  • ORBCOMM, a global provider of Machine-to-Machine communication solutions, has acquired local Skygistics, a company with sales and distribution network throughout Africa.
  • First Distribution, a distributor for datacentre, enterprise and cloud solutions, has acquired Linux Warehouse. The acquisition will assist with the increased demand of enterprise open source software adoption by the industry.

… and in Africa

  • QG Africa Hotel, a fund managed by QG Investment Africa Management, has acquired a 100% stake in the InterContinental Hotel Lusaka from Kingdom Hotel Investments for $35.9 million.
  • Lafarge Africa is to make an offer to acquire the remaining 17.54% stake in Ashaka Cement. The minority shareholding is valued at N7.68 billion. 
  • Mezzanine fund manager, Vantage Capital has announced funding of $20 million (R294 million) for expansion by Landmark Africa, a Nigerian property development company. 
  • Jamii Bora Bank, based in Kenya, has raised Sh1.2 billion through the investment by two private equity funds, Equator Capital Partners through its managed fund ShoreCap II and Progression Capital Africa through its managed fund Progression Eastern African Microfinance Equity Fund. 
  • Taruga Gold has entered into a conditional agreement to sell 100% of its interest in International Goldfields to AIM-listed Kodal Minerals plc. Kodal will acquire certain gold exploration properties in Mali and Côte d’Ivoire.
  • Zimbabwe’s National Social Security Authority is said to have reached an agreement with Empowerment Corporation for the acquisition of a 40% stake in Telecel Zimbabwe for $20 million.

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

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