Exchange-Listed Companies
South32 has entered into a binding agreement with a subsidiary of CoreX Holdings to disinvest its Cerro Matoso open-cut mine and smelter located in Córdoba Columbia. The transaction follows a strategic review by South32 in response to structural changes in the nickel market. CoreX will make future cash payments to South32 of up to US$100 million for the acquisition which is expected to complete later this year.
Stefanutti Stocks (SSH) has terminated the 2022 agreement it signed with Mauritian CCG-Compass Consulting Group to sell its businesses in Mozambique and Mauritius. As part of the restructuring plan agreed to by the Board and lenders, SSH has entered into an agreement with East Africa Enterprises, a privately owned business established in the Dubai Multi Commodities Centre Authority. SSH will receive an aggregate of US$3,9 million for the businesses with $700,000 payable for the Mauritian entity and a total of $3,2 million for the Mozambique subsidiary. The proceeds, payable by 31 December 2025, will be used to reduce the current funding facilities. The deal is categorised as a Category 2 transaction.
In a move that will enable Southern African Clothing and Textile Workers’ Union (SACTWU) to increase its investment in property and generate more regular cash flow, Hosken Consolidated Investments (HCI), through its subsidiary Squirewood Investments 64, will undertake two related party transactions. HCI will repurchase 1 million of its own shares from SACTWU for R144.1 million, at a price of R131 per share, representing c.1.3% of HIC’s issued share capital. Simultaneously, SACTWU will acquire three properties from HCI for R549,5 million. The properties are Gallagher Estate Holdings, HCI Rand Daily Mail and HCI Solly Sachs House. The transactions will reduce HCI’s share capital and consolidates its ownership structure.
This week, the Competition Commission reached an agreement with Vodacom and Remgro on revised conditions which will see the competition concerns by the Commission remedied. The merger of the fibre businesses was announced in November 2021 whereby Vodacom would take 30% stake in Maziv valued at R9 billon, with the option to increase the shareholding by 40%. The matter will now proceed to the Competition Appeal Court on an unopposed basis.
In its latest update, Primary Health Properties plc (PHP) says it has received valid acceptances for c.1.14 of Assura shares under the revised offer. Assura shareholders have until 12 August 2025 to accept the revised offer.
According to Bloomberg, Glencore is to sell its struggling copper refinery in the Philippines for an undisclosed sum. The refinery was placed on care and maintenance earlier this year. The purchaser of Philippine Associated Smelting and Refining (Pasar) is the local Villar family, with significant stakes in the sectors of construction, property and retail.
Unlisted Companies
NTT Data, the Japanese multinational headquartered in Tokyo, will dispose of local digital solutions provider, Britehouse Mobility, in a management-led buyout. Following the deal the company will re-brand to Britehouse and will operate as a fully independent company continuing to provide solutions specialising in the development and integration of customised platforms, products, and consulting services. Financial details were undisclosed.
Sub-Saharan African private equity fund manager, Phatisa, has exited its investment in Deltamune, a South African-based vaccine manufacturer. Acquired in 2022 by the Phatisa Food Fund 2, Deltamune has scaled its footprint into three new markets, broadened its product portfolio and deepened its distribution capabilities. In the next phase under Vaxxinova International’s stewardship, both companies expect to accelerate market access across Africa by combining Deltamune’s customer base and diagnostic strengths with Vaxxinova’s global R&D and product pipeline.
Local fintech startup Stitch has acquired digital payments company Efficacy Payments. The acquisition is the second transaction for Stitch in the past six months, following the acquisition of ExitPay earlier this year. The deal will enable Stitch to offer card acquiring services directly to merchants as a Designated Clearing System Participant, providing more seamless and cost-effective transactions. Financial details were not disclosed.
Global investment firm Carlyle will, through its sub-Saharan Africa Fund, dispose of Safety SA, a local independent TICT platform serving Africa and the Middle East and focused on food and workplace safety. Safety SA, acquired by Carlyle in 2018 will now be acquired by Centre Testing International Group, a third-party testing, inspection and certification company based in China. Financial details were not disclosed.
Pinewood Technologies Group PLC, a pure-play cloud-based software business providing innovative retail solutions to the automotive industry, will acquire, via its wholly-owned South African subsidiary, key assets such as customer contracts relating to the software-as-a-service business offering known as the Pinewood Dealer Management System from certain entities within the Motify Group for a total cash consideration of £2,5 million. The proposed acquisition will enable Pinewood.AI to fully control its sales and customer service functions in its markets in Southern Africa.
ONE Property Holdings, a boutique real estate brokerage firm catering to the high end and luxury real estate markets in South Africa, has transferred six established retail shopping centres to Enyuka Prop Holdings, a dedicated retail property fund co-owned by ONE Property, Mpande Property Fund and Trinitas Private Equity. The transaction increases the fund’s gross asset value from R1,8 billion to R3,5 billion making it a significant player in the unlisted retail real estate funds. The transaction was enabled by R2,1 billion in debt financing from a syndicate of financial institutions.
DealMakers is SA’s quarterly M&A publication.
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