Exchange-Listed Companies
Alexander Forbes and OUTsurance have concluded a binding agreement which will see Alexander Forbes acquire 100% of the shares in OUTvest, a digital wealth platform. The platform integrates automated advice, human advice, administration, and asset management into a digital wealth solution. The disposal by OUTsurance follows a strategic review of OUTvest and the resultant decision to consider a restructuring due to the sub-scale nature of the business. Financial details were undisclosed as the acquisition falls below the threshold for categorisation.
Sibanye-Stillwater is to acquire US-based metals recycler the Reldan Group for a cash consideration of US$155,4 million. With its platform and technology capable of processing a variety of waste streams, the acquisition of Reldan enhances Sibanye’s exposure to the circular economy. The deal is expected to be value accretive, positively contributing to Sibanye’s earning and cash flow from day one.
Clientèle has announced it is to merge its business with that of 1Life, an insurer specialising in funeral and underwritten life insurance products. Clientèle will settle the R1,91 billion acquisition price by way of an issue of shares. The consideration shares (117,815,756 translating into a 26% equity stake) will be issued at R16.25 per share which includes a control premium of 6.23%. The acquisition is accretive, resulting in a combined Embedded Value of c.R7,8 billion and almost 1,5 million contracts.
NEXT176, a venture capital business backed by Old Mutual, has announced a R27 million investment in JOBJACK, a South African tech startup offering a recruitment registration platform for entry-level job seekers. NEXT176 led the R45 million pre-Series A funding round. The funding will be used to scale the business by expanding its network of employers and job seekers nationwide.
Sirius Real Estate has disposed of an industrial park in Maintal, in the German region of Hesse for €40,1 million. The disposal represents a net initial yield of 5.7%. In addition, via its BizSpace subsidiary, Sirius has exchanged and completed the acquisition of a £33,5 million portfolio of three assets located in North London from a closed ended fund.
Unlisted Companies
Legacy Africa Capital Partners (LACP), through its LACP Fund I, has acquired a significant minority stake in Welltec, a local financial wellness technology company and provider for responsible credit solutions for consumers. Founded in 2016, Welltec’s digital Credit Gateway platform offers personalised, actionable guidance for consumers. To date, Welltec in collaboration with partners that license its technology services, has restructured some R1 billion worth of credit for over 170,000 consumers.
Twelve years after being acquired by Dimension Data, SYNAQ, South Africa’s cloud-based email security services, has been bought back by its co-founder David Jacobson. Financial details were undisclosed.
Inclusivity Solutions, a Cape Town-based insurtech startup has raised US$1,5 million in a Series A extension round. Impact investor Goodwell Investments led the round, having backed Inclusivity Solutions in previous fund raises. The insurtech which delivers embedded insurance solutions, will use the investment to scale its expansion plans into at least 12 African markets by end 2024. It will also continue to invest in its no-code, open API platform which enables distribution partners and insurers to offer a full range of insurance products in a matter of hours.
DealMakers is SA’s M&A publication.
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