Exchange-Listed Companies
Choppies Enterprises has disposed of its Zimbabwean business to Pintail Trading, a leading supermarket retailer of groceries and hardware products in the southern region of Zimbabwe. Although the Zimbabwe business is viable in the long-term, Choppies will need to invest more capital to support these operations for extended periods which management believes is not economically viable for the group at this time. Pintail will pay $260,000 for the Zimbabwe business.
The Board of Assura plc, the UK healthcare REIT with an inward listing on the JSE, has accepted an improved offer from Kohlberg Kravis Roberts and Stonepeak Partners for an all-cash deal valuing the company at c.£1,6 billion. Shareholders will receive 48.56 pence for each Assura share and a dividend of 0.84 pence per share due to be paid on 9 April 2025. The offer represents an c.32% premium to the 3-month volume weighted average of the Assura share as of 13 February 2025, the day prior to the commencement of Assura’s offer period. Last week Assura received an offer from Primary Health Properties (PHP) for an all-share combination implying a value c.£1,5 billion which the Board unanimously rejected. The KKR-Stonepeak consortium offer is conditional on shareholder approval.
Cashbuild through its subsidiary Cashbuild Management Services, has acquired a 60% controlling interest in Allbuildco for R93 million. Allbuildco owns three hardware and building material stores trading under the names Amper Alles in Silverlakes, Rayton and Groblersdal. The remaining 40% will be retained by the sellers. The parties have agreed to a series of put and call options exercisable during the next five years which may result in Cashbuild acquiring a further 10% to 40% interest in Allbuidco. The consideration for the options has been capped. The acquisition aligns with Cashbuild’s strategy to become a market leader in the hardware and building material sector in SA across all LSM bands.
Unlisted Companies
Cape-based digital payments gateway Peach Payments has announced the intended acquisition of West-African payment platform PayDunya. The Dakar-based fintech, which was founded in 2015 and operates in six Francophone countries, facilitates sending and receiving payments on websites and mobile applications in addition to the collection and disbursement of bulk payments. The deal marks Peach Payments entry into Francophone Africa following its expansion to Eswatini (2024), Mauritius (2021) and Kenya (2018). In 2023 it closed a US$30 million funding round led by Apis Growth Fund II.
DealMakers is SA’s quarterly M&A publication.
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