Yet another quiet week of M&A activity

Exchange-Listed Companies

Eastern Trading, the majority shareholder of AH-Vest holding a 95.7% stake in the company, has made a firm intention offer to acquire the remaining ordinary share capital of AH-Vest. The consideration terms of the offer is 55 cents per share payable in cash with the aggregate consideration of R2,42 million. Prior to the offer, the share traded at 3 cents per share.

Master Drilling has increased its stake in A&R Group by a further 15% to 66% for a purchase consideration of R50,3 million to be settled in 60 equal monthly instalments. The acquisition deepens its investment in technology-enabled mining solutions. The acquisition of additional shares became effective on 1 May 2025.

Sirius Real Estate has acquired a light industrial property in Geilenkirchen, Germany, for €12,9 million, strengthening its footprint in the Euregio Maas-Rhine industrial region. As part of its ongoing UK portfolio optimisation strategy Sirius also disposed of a small non-core asset in Huddersfield to a private individual for £1,55 million.

This week Assura recommended to its shareholders to accept the revised offer from Primary Health Properties (PHP) which is higher than KKR-Stonepeak’s best and final offer of 52.1 pence. In terms of the revised offer, Assura shareholders will receive 0.3865 new PHP shares, 12.5 pence in cash, 1.68 pence in quarterly dividends and a special dividend of up to a maximum of 0.84 pence per share if the offer becomes unconditional. This implies a total value of 55 pence for each Assura share and values the group at £1,79 billion (c.R43 billion).

Unlisted Companies

Oslo-headquartered Link Mobility, a cloud communications platform has announced the acquisition of SMSPortal, a local A2P (Application-to-Person) provider. The purchase consideration of US$115 million is before conditional payment. The transaction will be settled through an upfront cash payment of $100 million, financed with cash and an equity consideration of $15 million implying a multiple of 4.6x cash EBITDA. The equity component will be settled with 5,9 million shares issued at a price of NOK26 per share.

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