Exchange-Listed Companies
Sanlam and MultiChoice have entered into an agreement which will see Sanlam Life take a 60% stake in NMS Insurance Services (SA). MultiChoice will receive an upfront cash payment of R1,2 billion for the stake with a potential earn-out payment of up to R1,5 billion. A pre-acquisition dividend of R59 million will be declared by NMSIS. The deal is a category 2 transaction for both companies and accordingly does not require shareholder approval.
Zeder Financial Services (Zeder Investments), through its direct and indirect subsidiaries Pome Investments and CS Agri, will dispose of Theewaterskloof Farm to the Japie Groenewald Trust for R283 million. The disposal consideration will be paid to CS Agri which intends to distribute most of the proceeds to shareholders.
To facilitate ongoing discussions, and on the request of Growthpoint Properties, the UK Panel on Takeovers & Mergers has extended the deadline to July 18, 2024, for NewRiver REIT plc to make a formal offer for Capital & Regional. Growthpoint owns a 68% stake in Capital & Regional. In May, Vukile Property Fund withdrew its bid to acquire Capital & Regional, leaving NewRiver as the only suitor.
Sirius Real Estate has completed the acquisition of two industrial assets in Banbury and Wembley in the UK for c.£31 million. In addition, the company has disposed of two sub-scale assets located in Hartlepool and Letchworth for a combined total of £1,9 million.
Unlisted Companies
Azelis, a global innovation service provider in the specialty chemicals and food ingredients industry, has signed an agreement to acquire Durban-based specialty chemicals distributor CPS Chemicals (Coatings). CPS distributes to the paint, ink, resins, paper, plastics and rubber industries. The acquisition expands Azelis’ footprint in South Africa, complementing the company’s lateral value chain in the CASE (coatings, adhesives, sealants, and elastomers) segment. Financial details were undisclosed.
