Exchange-Listed Companies
Old Mutual Africa (Old Mutual) is to sell Old Mutual Nigeria Life Assurance Company and Old Mutual General Insurance Company Nigeria to Emple Group, an investment company managed by Nigerian investors. Financial details were undisclosed. The decision follows a strategic review of the businesses with the key consideration to optimise capital management. The Group confirmed it would remain in Nigeria, maintaining a presence through its investment arm, Africa Infrastructure Investment Managers.
Invicta subsidiary, Invicta Global Holdings plc, has acquired a UK-based supplier of consumable parts to British and European earth moving and agricultural machinery aftermarkets. The purchase of Nationwide Bearing Company (NWB) for £12,3 million (R293,6 million) provides a platform for Invicta to grow its global Replacement Parts Earthmoving business. Aside from the synergies and cost-effective savings, NWB has product ranges which can be cross sold into Invicta’s existing operations.
Emira Property Fund, a 59.3%-owned subsidiary of Castleview Property Fund, is to dispose of a portfolio of 13 properties in Cape Town to Spear REIT. The portfolio comprises six office properties, five industrial facilities and two specialist/retail properties with the majority of the portfolio value being in office properties. The portfolio is to be acquired at no premium to its market value and is accretive to Spear shareholders from a distributable profit perspective. The R1,1 billion transaction forms part of Emira’s strategy to recycle capital. The net proceeds will be used to reduce debt and subsequently to fund new acquisitions.
In a separate announcement, Emira Property Fund disposed of Makro Crown Mines to New Order Investments 90 in a R334,5 million deal and Market Square, Beacon Way in Plettenberg Bay to Lynx Real Estate Developments for R354 million.
The saga of the off-market takeover offer by Goldway Capital Investment of MC Mining shares continues. Goldway has extended the close of its offer period from 5 April to 19 April 2024. Results of the offer will be announced on 29 April 2024. Goldway has a substantial shareholding of 76.4% but this is short of the minimum 82.19% level necessary to satisfy the ‘Minimum Acceptance’ condition for the Offer to proceed.
RMB Holdings has disposed of its 7.15% stake in Divercity Urban Property Group for R50 million. The shares, repurchased by Divercity, were at a consideration below its carrying value of R87,1 million (as per RMH’s interim results).
Unlisted Companies
Baobab Network, an early-stage investor in African startups, has acquired Reflector Marketing, a South African, strategy and branding agency. Reflector Marketing has a diverse clientele, across a diverse range of industries and spanning five continents. The agency has played a pivotal role in refining their positioning and scale by providing strategic marketing, branding and digital services tailored to individual needs.
RNR (Right Now Response), a local breakdown management startup, has raised R12 million in a follow-on investment round led by HAVAÍC. The venture capital firm contributed R10 million following an initial R9,2 million invested in February 2023. RNR provides truck fleet managers with on-demand breakdown support via its nationwide network of vetted mechanics, electricians and repair centres.
DealMakers is SA’s M&A publication.
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