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

News from Holdsport, Bidvest, Intu Properties and more.

JSE Listed Companies

  • Stellar Capital Partners has made an offer to Torre Industries minorities following the acquisition of 8.3 million shares pushing its shareholding to above the 35% holding which, in terms of JSE regulations, triggered an offer to minorities. The offer is in exchange for the issue of 1.25 new Stellar shares for each share held valuing the Torre share at R2.25.
  • Insimbi Refractory and Alloy Supplies has concluded an MOU with the controlling shareholder of Amalgamated Metals Recycling Group to acquire the group plus the properties from which it operates. The consideration payable is R284.1 million of which R234.1 million is to be paid in cash.
  • Holdsport is to acquire a 100% interest in privately-owned, SA manufacturer Second Skins which produces swim, sun protection, running and sportswear, uniform and promotional clothing. The purchase consideration was not disclosed.
  • Rare Holdings minorities have received an offer to acquire the remaining 5 345 825 shares at R1.50 per share for a total consideration of R8 million. The company’s intention is to delist from the JSE.
  • Torre Industries, through its wholly-owned subsidiary Torre International, has sold a 40% stake and a 5% stake of Torre Equipment Africa to African Agriculture Fund (AAF) and a management consortium. The transaction will raise new capital of $15.74 million (R234.7 million). AAF is an African private equity fund managed by Phatisa Fund Managers.
  • Gold Brands Investments has acquired Mama Chaka’s from Econ Food Concepts for between R15 million and R20 million depending on the achievement of certain warranties. The concept and brand was developed in 2014 and serves meals based on affordable, nutritious, tradition chicken and beef forequarter recipes.
  • Intu Properties has confirmed it is to acquire the remaining 50% stake in Merry Hill Estate in the West Midlands, UK from Queensland Investment Corporation. The consideration payable is £410 million (R8.91 billion) settled through a combination of new debt and existing resources.
  • The Bidvest Group has entered into a binding agreement to acquire 100% of Brandcorp from Ethos Private Equity and management. Brandcorp is involved in the distribution and reselling of a wide range of niche, high-quality industrial and consumer products in southern Africa. The purchase consideration was undisclosed.
  • Net 1 UEPS Technologies has exercised its option to acquire the remaining 40% of Masterpayment AG, a specialist payment services processor based in Munich, Germany. The initial stake of 60% was acquired in April also for an undisclosed amount.

Unlisted Companies

  • Rockwell Automation has joined forces with SA trusts, Ma Afrika Tikkum Endowment Trust and Simanye Trust, as its broad-based black empowerment shareholders. Details of the transaction were undisclosed.
  • Afena Capital is to sell the remaining 51% stake in Botswanan subsidiary Afena Capital Botswana to management. Prior to the deal, management held 42%. The remaining 7% is held by the Staff Share Trust.

…… and in Africa

  • The Africa Finance Corporation, a Lagos-based development institution, and an infrastructure fund run by SA’s Harith General Partners, will pool assets to launch a $3.3 billion joint venture. The assets to be pooled include the Lake Turkana wind farm in Kenya and the Kpone thermal project in Ghana, creating one of the biggest pan-African energy companies.
  • Denham Capital, a leading global energy-focused private equity firm and GreenWish Partners, a renewable energy investment company dedicated to sub-Saharan Africa, have entered into a strategic partnership. The partnership aims to develop, build and finance a 600 MW renewable-energy portfolio across sub-Saharan Africa by 2020. The capital commitment will allow the African renewables platform to carry out a $1 billion project pipeline.
  • Komet Resources, a Canadian junior exploration company, has acquired the Moussala exploration permit located in the Kenieba gold mining camp in the Republic of Mali, West Africa.
  • WhoGoHost, a Nigerian web hosting company has acquired TheExpertHost, a Nigerian company providing hosting solutions to business and personal websites.
  • Pulse Nigeria, the online media division of Ringier Nigeria, has acquired the My Africa brand and assets.
  • NIC Bank, a Kenyan lender, is to acquire the deposits and some of the assets of collapsed Imperial Bank which was placed under statutory management in October last year.
  • French-based Trace TV has acquired video on demand (VOD) service Buni.tv in preparation of the launch of its own VOD platform. Previously a company of pan-African studio Restless Global, Buni.tv was launched in 2012 as one of the first VOD platforms to focus on the African market.
  • Teranga Gold, a Canadian-based gold company listed on the Toronto Stock Exchange and Australian Securities Exchange, is to acquire Australia’s Gryphon Minerals which owns the Banfora project in Burkina Faso. The acquisition of the Australian junior is valued at A$86 million. Under the scheme of arrangement, each Gryphon share would be exchanged for 0.169 common shares of Teranga.
  • In a series of arrangements with Samba Luxco, Brazilian telecoms group Oi will give its investment partner in developing markets holding company Africatel a 34% stake in Namibia’s MTC in return for Samba reducing its stake in Africatel from 25% to 14%. The transactions will see Oi own 86% of Africatel which, aside from Namibia, owns stakes in telecoms operators in Angola, Cape Verde and Sao Tome & Principe.
  • MNG Gold Jersey, a Turkish gold exploration and development company has entered a $30 million equity finance agreement which will see it become a 55% shareholder in TSX- and Aim-listed Aureus Mining. The funds will be used to restart the processing plant at the New Liberty gold mine in Liberia.
  • Allianz, one of Europe’s biggest insurers by market value has agreed to buy Moroccan insurer Zurich Assurances Maroc from Zurich Insurance Group. Allianz will pay €244 million. The Moroccan subsidiary is a property and casualty insurer in the North African country.
  • Gecamines, the Democratic Republic of Congo’s state-owned miner, is in talks with China Nonferrous Metal Mining Group (CNMC). In return for a 51% stake in the project CNMC will finance, build and operate a copper-processing facility at the Deziwa concession. Over a yet to be specified period CNMC will be reimbursed for its investment in the plant after which ownership of the project will be returned to Gecamines.
  • Pidilite Industries, an Indian-based adhesives and industrial chemicals manufacturer, has acquired Kenya-based Nebula East Africa Private for an undisclosed sum.
  • The Trade Union Congress, one of Nigeria’s two labour centres, is to acquire a 57% stake in the Unity Bank of Nigeria. The labour union will, in the next three years, invest a total of N80 billion in the bank to acquire the stake. Unity Bank commenced operations in 2006 following the merger of nine financial institutions with competence in investment, corporate and retail banking.

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

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