Exchange-Listed Companies

Sun International is to dispose of 43.3% of its 49.3% equity stake and 100% of its loan account in Tourist Company of Nigeria (t/a Federal Palace Hotel) to Nigerian Rutam Finance for an aggregate cash consideration of R275 million ($14,55 million). The remaining 6% equity interest held by Sun International will be sold in due course. The transaction is in accordance with the company’s stated intention and strategy to exit its investment in Nigeria.

Following the joint announcement by Canal+ and MultiChoice which set out the terms of the mandatory offer, Canal+ has notified shareholders that it has, this week, acquired a further 18,578,131 MultiChoice shares in open/off market transactions. Canal+ now holds an aggregate of c.40.83% of the MultiChoice shares in issue. The price at which these shares have been acquired have ranged from R115.95 to R119.92, below the mandatory offer price of R125.00 per share.

Goldway Capital Investment has reminded shareholders of MC Mining in its sixth Supplementary Bidder’s Statement that its offer to acquire outstanding shares will close on 22 April 2024. Results of the offer will be announced on 29 April 2024.

Unlisted Companies

Global financial services provider Apex Group has acquired IP Management Company (IPMC). The South African unit trust management company is a collaboration between established financial services businesses which have operated unit trust funds independently for more than fifteen years, but which co-exist in a synergistic relationship within IPMC. Clients of IPMC will benefit from access to the Group’s global single-source solution which includs digital banking, fund raising, distribution and administration solutions as well as ESG rating, reporting and advisory services. In March 2023 Apex acquired Boutique Collective Investments when it announced the acquisition of local Efficient Group.

South African private equity investor Vuna Partners has acquired a 40% stake in Ferreira Fresh, a family-run fresh and frozen produce provider of fruit and vegetables with a delivery footprint covering Gauteng and extending into neighbouring provinces. Financial details were undisclosed.

M&C Saatchi Abel and the South Africa Group management is to acquire the shares owned by the UK-based global group in the local operations in a deal mooted to be in the region of £5,6 million. M&C Saatchi Plc will continue to collaborate with the South African operations, partnering with them on the African continent. Seen as a vote of confidence the deal will further accelerate the group’s transformation ownership agenda whereby the BEE shareholding value will increase by 40% in the new structure.

DealMakers is SA’s M&A publication.
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