Exchange-Listed Companies
As part of Cell C’s listing, Blu Label Unlimited has released further details on a proposed deal which will see a 30% stake in the telecom in the hands of BEE parties. The deal, which will be vendor-funded by subsidiary The Prepaid Company (TPC), will allocate up to c.68 million shares valued at R2,4 billion to the SPV known as Sisonke which will be owned by Fordside Enterprises, Sangrilor and Nubridge Capital. Sisonke will acquire a stake of between 5% and 20% of Cell C at the offer price which is set between R29.50 and R35.50 per share. The BEE parties will be subject to a lock-up of six years. For the first 12 months after the listing, which is set for 27 November 2025, no shares may be sold but for the remaining five years of lock-up 20% of their shareholdings may be sold but only to other BEE participants.
Supermarket Income REIT has completed £40,9 million in acquisitions across two transactions at an average net initial yield of 6.4%. The first, is the acquisition of Tesco omnichannel supermarket in Craigavon, Northern Ireland at a purchase price of £25,6 million. The second acquisition is that of a portfolio of 10 Sainsbury convenience stores at a purchase price of £15,3 million. The portfolio represents the company’s entry into convenience stores.
Tiger Brands has disposed of its 74.69% shareholding in Chocolaterie Confiserie Camerounaise (Chococam) to African-focused investment firm Minkama Capital and BGFIBank (BGFI), a financial services institution headquartered in Gabon. The deal is financed through a CFA46.676 billion syndicated loan arranged by BGFI.
Pembani Remgro (Remgro joint venture) has successfully exited its investment in South African company SolarSaver, a provider of customised rooftop solar photovoltaic solutions to corporate and industrial customers in Namibia and South Africa. New investment from Inspired Evolution’s Evolution III Fund, alongside global development finance intuition partners FMO, the Dutch Entrepreneurial Development Bank and Sweden’s Development Finance Institution Swedfund, will be used to accelerate the rollout of capex-free solar power solutions for businesses across SA, Namibia, Botswana and Zambia.
The ongoing talks between ArcelorMittal South Africa (AMSA) and the Industrial Development Corporation have been terminated. The deal which covered about R7 billion of loans and interest to AMSA was, according to reports, not considered sufficient by AMSA with the IDC not prepared to offer more.
In October 2021 Sibanye-Stillwater announced the proposed acquisition of
100% of both the Santa Rita nickel mine and the Serrote copper mine located in Brazil from affiliates of funds advised by Appian Capital Advisory. The deal was later terminated in January 2022 due to material and adverse conditions as a result of a geotechnical event. The parties have since been involved in a protracted legal dispute. A settlement agreement was announce this week with Sibanye paying US$215 million to Appian.
The RFG and Premier combined offer circular to RFG shareholders has been released. Shareholders will vote at the annual general meeting on 11 December 2025. If the scheme becomes unconditional, the trading of RFG shares will be suspended on 18 March 2026 with the delisting expected on 24 March 2026.
On 1 October 2025, the parties to the Barloworld transaction agreed to waive the Standby Offer Condition relating to the receipt of competition regulatory approval by COMESA. Shareholders had until 7 November 2025 to accept the offer. At close, NewCo had received valid acceptances of the Standby Offer in respect of 70.8% of shares in issue. This combined with the Consortium’s and Barloworld Foundation shares equates to 94.1% of the shares in issue. Upon completion of the Squeeze-Out, the shares will be suspended from trading on the JSE and A2X.
In an update on the offer to Curro shareholders by the Jannie Mouton Stigting, the deal has received unconditional approval from the Botswana Competition and Consumer Authorities. The transaction remains subject to the unconditional approval from the South African Competition Authorities.
Unlisted Companies
The South African Reserve Bank (SARB) has taken a 50% equity shareholding in PayInc, an automated clearing house and payments infrastructure company previously known as BankservAfrica. The SARB joins Absa, Access Bank, African Bank, Capitec, Citibank SA, FirstRand, Investec, Nedbank and Standard Bank as direct shareholders, establishing PayInc as the National Payment Utility.
Norfund, the Norwegian Investment Fund for developing countries, has invested US$75 million in Mulilo Energy, a South African developer of renewable energy projects and Independent Power Producer. The minority stake investment will support Mulilo’s ongoing transformation into a tier-one Independent Power Producer, with a robust near-term pipeline of 5.5 GW expected to reach final close before the end of 2027.
DealMakers is SA’s quarterly M&A publication.
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