Exchange Listed Companies

Announcements on merger and acquisition activity by South Africa’s stock exchange listed companies took a back seat this week with the focus of company releases on financial results. However, the following was announced:

OneLogix has announced details of the management buyout, a deal first proposed in a cautionary announcement to the market in December 2021. Minorities are being offered R3.30 per share, a 17% premium to the 30-day VWAP of R2.82 on October 19 and a 37.5% premium to the closing price on the day preceding the first cautionary announcement in 2021. Extremely low liquidity is the motivation for the proposed delisting, which makes the stock unattractive to institutional investors.

Afrimat has exercised its option to acquire 100% of the shares in Glenover Phosphate for a purchase consideration of R300 million. The option formed part of the company’s deal in December 2021 when it purchased certain assets and the right to mine selected deposits at the Glenover mine. The acquisition positions Afrimat to enter new commodities aligned with global trends relating to the advancement of technology such as electric vehicles.

Delta Property Fund is to dispose of Enterprise Park, located at 15 Simba Road in Sunninghill. Delta will receive R39 million from the sale – the property was valued at R45,4 million in February this year. The sale is a category 2 transaction and as such is not subject to shareholder approval.

Unlisted Companies

MRI Software, a US-headquartered provider of real estate software solutions, has acquired Johannesburg-based TPN Group, a registered credit bureau serving the residential, commercial and educational markets in South Africa. Financial details were undisclosed.

Kasada, a local real estate private equity platform focused on hospitality in sub-Saharan Africa, has acquired The Lamantin Beach Resort & Spa located in Saly, Senegal. Financial details were not disclosed.

Spatialedge, a Stellenbosch-based AI solutions provider, has acquired tech startup Cape AI which assists businesses to make smart decisions through the use of AI technology.

Strove, a local wellness startup, has secured undisclosed funding from Lifetime Ventures, a Japanese venture capital firm. Funds will be used to further develop its product and service offering to improve the holistic wellbeing of employees.

DealMakers is SA’s M&A publication
www.dealmakerssouthafrica.com