Exchange-Listed Companies

Gaia Renewables 1 has acquired stakes in three renewable energy plants from the IDEAS Renewable Energy Fund which is managed by African Infrastructure Investment Managers (Old Mutual). The deal, funded with debt and equity, will see the Gaia fund acquiring a 10% stake in each of the Linde and Kalkbult solar photovoltaic plants in the Northern Cape as well as a 21% stake in the Jeffreys Bay Wind Farm in the Eastern Cape. The aggregate value of the transactions is said to be more than R700 million.

Patrice Motsepe’s Ubuntu-Botho Investments, the majority shareholder of JSE-listed African Rainbow Capital Investments (ARCI), has made an offer to minority shareholders valued at c.R5,9 billion following a drawn-out decision to delist the company and move the entity’s domicle from Mauritius to South Africa. The offer of R9.75 per share is a 21% premium to the 30-day VWAP and represents a discount of 22.8% to its announced NAV. ARCI’s stated business has an intrinsic value of R12.78 per share, translating into a valuation of R19,4 billion. The offer for the 40% outstanding stake values the fund at R14,8 billion. Shareholders will need to approve the delisting and re-domiciliation.

Thungela Resources has acquired the remaining stake in the Ensham Business via the acquisition of a 25% stake in Sungela from co-investors Audley Energy and Mayfair Corporations Group. Sungela’s only asset is an 85% stake in Australian Ensham coal mine. The aggregate purchase consideration paid is A$82,8 million – made up in the main of loans of $82 million and a cash payment of $862,500. There is a deferred amount of $7,8 million. In December 2024, Thungela Resources Australia acquired a 15% stake in the mine for A$48 million from Bowen Investment.

Saldanha Steel, a wholly owned subsidiary of ArcelorMittal South Africa, has entered into an agreement to sell two properties in Saldanha, Western Cape for an aggregate R134 million as the struggling steel and mining company looks to dispose of non-core assets.

In its interim results released this week, OUTsurance notified shareholders that the company will dispose of its investment in Merchant Capital. The sale, by way of a company share buyback, will be tranched over a period of 15 months with total proceeds amounting to R92 million.

DealMakers is SA’s quarterly M&A publication.
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