Exchange-Listed Companies
MiX Telematics and US-based Powerfleet have announced their intention to combine their businesses. MiX shareholders will be offered 0.12762 new Powerfleet shares for every 1 MiX share held. Following implementation of the deal, Mix shares will be delisted from the JSE and the MiX American Depository Shares will be delisted from the NYSE. Powerfleet will take a secondary inward listing on the JSE, retaining its primary listing on Nasdaq.
Following the September announcement that Nikkel Trading 392 has made a mandatory offer to Brikor shareholders to acquire their shares at 17 cents per share, the company announced this week that Nikkel had acquired additional shares in Brikor, taking its effective shareholding from 64.11% to 68.01%.
The Competition Tribunal has prohibited Sasol’s proposed sale of its sodium cyanide business to Czech Republic’s Draslovka. The deal was originally announced in July 2021. In November of 2021 the Competition Commission prohibited the merger on grounds that, amongst others, it would likely result in a substantial prevention or lessening of competition due to post-merger price increases which would be detrimental to customers ie gold mining firms. A number of mining firms had been granted leave to participate in the Tribunal proceedings following their applications for intervention.
Futuregrowth Asset Management (Old Mutual) and Galloprovincialis have invested in logistics software platform Tripplo. The US$1,8m equity investment closes out the firm’s seed funding extension round.
Unlisted Companies
Private equity firm Harith General Partners has agreed to acquire a 46% stake in Mergence Investment Managers. Shandura, a wholly-women owned firm, will also acquire a 5% stake as part of the deal. Financial terms were not disclosed.
Adenia Partners has completed a majority investment in Enfin Energy Finance, a rooftop solar financing company for commercial and industrial clients. This is its first investment from the Adenia V fund. Financial terms of the investment were not disclosed.
Textile manufacturing group Ivili Group has secured a US$5m investment from gender focused investment fund Alitheia IDF. The Ivili Group is comprised of Ivili Loboya, a wool and cashmere processing facility in Butterworth in the Eastern Cape and Ivilitex, a garment manufacturing factory in Cape Town.
AI-driven customer service solutions startup, Cue, has raised US$500,000. The company did not disclose who the investors were but stated that the funding will be used to accelerate their product offering following rapid growth in the UK over the last year.
Ecentric Payments Solutions has acquired fellow fintech operator, Thumbzup. Financial terms were not disclosed. The Thumbzup IP, devices and technology will be fully integrated into Ecentric operations.
DealMakers is SA’s M&A publication.
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