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

News from JSE-listed companies, unlisted companies and those in Africa.

JSE-listed companies

  • RECM and Calibre has exercised its call option to acquire 20.81% stake in Goldrush, a gaming business in SA. The sellers, Viva Leisure Investment and members of the Hipkin family will receive R221.1 million for the stake. 
  • Rebosis Property Fund has acquired from Billion three regional shopping centres and two service businesses, Billion Asset Managers and Billion Property Services for a transaction amount of R6 billion. The shopping centres are based in Pretoria, Port Elizabeth and Mthatha.
  • Freedoom Property Fund is to dispose of residential properties in Langebaan, Western Cape to Hostprops 97 and LLM Developments for R160 million. The properties are considered non-core assets.
  • Astoria Investments has agreed to co-invest with Redefine by acquiring a 2.6% stake in Echo Prime Properties from Redefine for €13 million (R228 million). Redefine bought a 75% stake in Echo last month with the intention of reducing its shareholding to around 50%. In April Pivotal Property Fund acquired a 6.06% stake from Redefine. 
  • Stellar Capital Partners has agreed to dispose of a 51.1% stake in subsidiary Tellumat, a diversified electronics and communications company, to Masimong Technologies for R180.35 million.
  • Equites Property Fund has acquired an 80% stake in a portfolio of industrial properties (to be housed in a joint venture) from Attacq for a consideration of R291.2 million. Attacq will hold the remaining 20%.

Unlisted companies

  • Inqo Investments, a local social impact investment company listed on the London ISDX Growth Market, has announced an investment in Bee Sweet Honey, a Zambian-based commercial producer of organic honey. Inqo’s initial investment of $60 000 will provide working capital. 
  • Harith General Partners has purchased a significant stake in NOVO, a local integrated gas company servicing vehicular, industrial, commercial and residential customers across Africa. The transaction was made through Harith’s $435 million second Pan African Infrastructure Development Fund.
  • Belelani Capital, a black economic consortium led by Kekana has acquired a 24% stake in Pareto, one of the large local unlisted property companies. The stake is estimated to be worth R4 billion and was acquired from the Government Employees Pension Fund and includes shopping centres such as Cresta, Sandton City, the Pavilion Shopping Centre and Tyger Valley Shopping Centre.

…… and in Africa

  • Eos Capital, a Namibian private equity firm through its Allegrow Fund, has acquired a majority stake in Namibian manufacturer Elso. Elso manufactures biodegradable, toxin-free cleaning liquids, powders, tissue paper products and cleaning equipment.
  • DekelOil has increased its stake in the Ayenouan palm oil operation in the Ivory Coast to 81.5% from an initial 51%. The transaction was funded by a share placement of £10.8 million.
  • Auroch Minerals, and Australian company, has acquired the Hombolo Lithium project in Tanzania.
  • Old Mutual Investment Group has increased its effective equity stake to 49% in African agriculture investment group UFF African Agri Investments. Investment opportunities of up to $500 million into African farmland are envisaged over the next three years.
  • Al-Nahar and CBC, both major Egyptian TV networks, have merged in a move to expand the reach of the networks beyond Egypt.
  • Canadian company focused on West African gold exploration, Sarama Resources, has acquired the Bondi gold deposit in Burkina Faso from Orezone Gold. The deposit is near Sarama’s South Houndé project which is situated in the south-western part of the country.
  • SES, a leading-world satellite operation has through its subsidiary SES Platform Services, formed a joint venture with K-NET, an ICT and Telecoms platform services company based in Ghana. The partnership will offer a unified bouquet of high quality free-to-air and free-to-view channels from all over West Africa.
  • Actis, the private equity firm with over $3 billion in investments across Africa has invested an undisclosed amount in Morocco’s Mundiapolis University. The investment will support the university’s plans to expand its offering internationally and across the African continent.

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

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