Exchange-Listed Companies
Majority shareholder Super Group will need shareholder approval for its proposed disposal of its 53.58% stake in Australian provider of integrated mobility solutions company SG Fleet. Australian private equity firm, Pacific Equity Partners, has announced terms of the acquisition of 100% of SG Fleet by way of a scheme of arrangement for a cash consideration of A$3.50 pr share. The offer price represents a 31% premium to the closing price on 22 November 2024, the date prior to the SENS and ASX announcements. Super Group will dispose of its stake for A$641,4 million (c.R7,53 billion). After settling up to R1,96 billion in SA debt, the remaining proceeds will be returned to shareholders by way of a special distribution of R16.30 per share. The effective date of the proposed transaction is expected to occur in March 2025.
Numeral (formerly Go Life International) is to acquire an effective 51% stake in Longevity Lab for an undisclosed cash sum. Longevity is a biotechnology business specialising in creating and managing wellness clinics and holistic wellness programmes which incorporate nurse and doctor administered stem cell and cellular optimisation medical treatments. The deal is in line with Numeral’s strategy of building a fully vertically integrated biotechnology group.
Aveng Africa (Aveng) has disposed of a 30% stake in Dimopoint to Collins Property Group for R96 million which will be settled in cash. Following the completion of the transaction, Collins will directly hold 100% of the property holding and investment company. The deal will result in the termination of the head lease agreement between Aveng Africa and Dimopoint. The deal is cash accretive and will improve earnings before tax by R82 million.
In a new empowerment transaction announced by Nampak, it will partner with Cambrian Capital Partners who will manage a private equity fund which will seek investments in B-BBEE private equity opportunities. The intra-group transaction will enable the Fund to acquire a 15% stake in Nampak Products at nominal value without the need to raise acquisition funding. Nampak Intermediate Holdings (NIH) will hold the remaining 85%. As the limited partner to the Fund, NIH will provide committed capital of up to R12,5 million over the life of the Fund. The transaction is a category 2 transaction and as such does not require shareholder approval.
The proposed reverse takeover of Kibo Energy by ESTGI AG announced in September 2024 has been terminated. According to the announcement sent out by Kibo, there is insufficient time available to secure all relevant information in a timely manner necessary to complete the takeover particularly given that the company has been suspended for almost six months. Rather, it said, focus would be on publishing outstanding audited accounts to enable the lifting of its suspension on AIM and the JSE.
The R160 million disposal by Transaction Capital of 100% of RC Value Added Services to SA Taxi Holdings (SATH), announced in late September is taking longer than initially anticipated. The Extended Commitment Negotiations Long Stop Date has again been extended, this time to 13 December 2024. Failing a conclusion, the parties may opt to restore their position to that prior to the implementation of the deal.
Mantengu Mining has received Competition Commission approval for its acquisition of Sublime Technologies from Sintex Minerals and Services. Sublime is the only Silicon Carbide producer in Africa and currently accounts for c.2% of the global market share.
Suspensive conditions of Trematon Capital Investments’ disposal of a 60% shareholding in Aria Property Group, a portfolio of 13 properties, have been fulfilled. The cash consideration of R293 million in respect of the disposal is expected to be paid on 2 January 2025.
Unlisted Companies
Etana Energy, a majority black-owned South African energy trading company supplying electricity generated by renewable energy projects to businesses, is to receive US$100 million in default guarantee finance. GuarantCo, part of the Private Infrastructure Development Group and British International Investment, the UK’s development finance institution and impact investor, will each provide $50 million in a deal designed to boost South Africa’s green energy transition. The guarantee facility will enable around 500MW to be added to the grid by several renewable energy (wind and solar) independent power producers over the next few years.
UK growth capital investor Salt Capital has acquired a strategic stake in Pirtek Africa for an undisclosed sum. Established in 1999, the company’s core business revolves around the supply and maintenance of hydraulic and industrial hoses, fittings and related products catering to a wide range of industries. Pirtek Africa owns the master franchise rights to supply and distribute the Pirtek branded fluid transfer solutions offering for the African continent with a presence in eight countries.
As part of the conditions set by National Treasury for Eskom to qualify for its R254 billion debt relief package, Eskom has announced the sale of its home loan company, which is housed in Eskom Finance Company SOC, and its interests in Nqaba Finance 1 (RF). The sale, to African Bank, is expected to conclude by 31 May 2025.
DealMakers is SA’s quarterly M&A publication.
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