Exchange-Listed Companies
Nedbank is to acquire 100% of fintech innovator iKhokha for a cash consideration of c.R1,65 billion in a deal that aligns with Nedbank’s strategy to deepen its support for SMEs through digital innovation and inclusive financial services. The transaction also marks a successful exit for the fintech’s long-standing investors – Apis Partners, Crossfin and the International Finance Corporation. iKhokha provides card machines, digital payment solutions and business tools to SMEs. The acquisition includes a comprehensive management lock-in to ensure managerial continuity and alignment with long-term growth objectives. The company will continue to operate under its own brand.
Gemfields has sold its entire interest in Fabergé to SMG Capital for US$50 million. Of this $45 million is due on completion of the sale with the remaining $5 million payable by way of quarterly royalty payments at a rate of 8% of Fabergé’s earnings. The sale concludes Gemfields strategic review and together with the discontinuance of other non-core projects, the group reflects a more streamlined and focused investment proposition with a strengthened balance sheet. The sale proceeds will provide additional working capital.
As first announced in early June, Jubilee Metals is to dispose of its chrome and PGM operations in South Africa for up to US$90 million to One Chrome, a newly incorporated SA company. The transaction has an enterprise value of $146 million which represents a 6x multiple on the FY2024 EBITDA of the assets being sold. Jubilee has received support of shareholders holding 30.42% of the issued share capital of the Group. Proceeds from the payment consideration will be employed to reduce existing bank facilities of up to $8.3 million.
The latest in a string of acquisitions by Sirius Real Estate is the Hartlebury Trading Estate in Worcestershire acquired for £101,1 million (c.R2,4 billion). The deal is transformational for the UK business which operates as BizSpace where it will increase the size of the portfolio by 18% to 8.3 million square feet, while growing the gross asset value by c.20% and immediately boosting revenues by 10%. The effective date of the acquisition is 8 August 2025.
As at 12 August 2025, 62.93% of Assura’s shareholders accepted the Primary Health Properties (PHP) revised offer, bringing to an end the battle between PHP and Kohlberg Kravis Roberts|Stonepeak Partners for control of the UK-based real estate investment trust. With the deal unconditional shareholders will receive a gross special dividend of 0.84 pence (R20.03224), payable on 26 August 2025. The revised offer remains open for acceptances until further notice.
Cilo Cybin has released the circular to shareholders of the related party acquisition of Cilo Cybin Pharmaceutical, first announced in December 2024. The deal, a SPAC requirement in terms of the JSE Listing Requirements, constitutes a reverse takeover. Shareholders will vote on 10 September 2025 on the deal with the longstop date extended to 31 October 2025.
The category 2 disposal by Deneb Investments of 195 Leicester Road to Earth Instyle for R48 million has been terminated due to the failure to pay the required deposit – a condition precedent.
The scheme conditions for the acquisition by ASP Isotopes of Renergen have been fulfilled and the company is expected to delist from the JSE on 8 September 2025. ASP Isotopes secondary inward listing on the JSE will commence on 27 August 2025.
AH-Vest shareholders have voted in favour of the scheme – Eastern Trading offered minorities 55 cents per share, a substantial premium on the 3 cents the share traded at prior to the offer. The listing of AH-Vest shares will terminate on 26 August 2025.
Unlisted Companies
Creation Capital, a specialist private credit asset manager, has successfully closed a R75 million private debt investment into Quest Capital Solutions (QCS). Founded in 2012, QCS offers a suite of financing solutions/asset management, service and maintenance solutions, together with insurance for rent-to-own trucks and trailers within the SME sector. Approximately 48% of QCS’s client base comprises black-owned enterprises. Funds will be used to expand operations, reach new markets and serve a broader range of clients within the transport sector.
Kogae Rainbow Investment, a South African investment management firm, has acquired a 65% stake in Boomgate, a local provider of high-security access solutions. The acquisition includes both Boomgate Systems and Boomgate International. The investment will accelerate Boomgate’s growth, expand its international footprint, particularly across Africa. Financial details were undisclosed.
DealMakers is SA’s quarterly M&A publication.
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