Exchange-Listed Companies
Yet another quiet week on SENS – but this, I am told by those advising on deals, is not a true reflection of the current level of M&A activity. Well, that is good news especially as the country’s elections loom larger.
Transaction Capital has released further details of its proposed unbundling and listing of WeBuyCars (WBC). Prior to the listing, Transaction Capital plans to raise between R900 million and R1,25 billion by issuing shares in the second-hand car dealer. Shares will be issued to Coronation giving the asset manager an 11.3% stake at a cost of R760 million. New investors will be able to subscribe via a capital raising exercise of c.R750 million. This will reduce Transaction Capital’s stake from 74.9% to a range of between 57% and 67%. WBC’s founders’ shareholding will reduce from 25.1% to 10%. Proceeds from the various capital raising initiatives will be utilised by Transaction Capital for the settlement of debt at holding company level. The implementation date of the unbundling and listing is anticipated to occur during early April 2024.
Sirius Real Estate has acquired a further two business parks in Germany. The parks, one in Köln and the other in Göppingen, have been acquired for a total cost of €40 million using proceeds from the €165 million capital raise.
The Competition Commission has approved a deal which will see Sanlam’s private equity arm acquire Bacher, a distributor and wholesaler of high-quality brands such as Hugo Boss and Tommy Hilfinger.
DealMakers is SA’s M&A publication
www.dealmakerssouthafrica.com
