Exchange-Listed Companies
Burstone has entered into a strategic joint venture with Hines European Real Estate Partners III, in terms of which the JV will aggregate a portfolio of light industrial assets in the core European markets of Germany and the Netherlands. The parties have committed a combined €160 million (c. R3,2 billion) of equity into this strategy with Burstone investing 20% of the Platform equity and will perform the role of investment and asset manager. Hines has committed the balance. The acquisitions will be funded by a combination of Platform equity and in-Platform debt financing.
Pan African Resources has announced the potential acquisition of Emmerson Resources, a Perth-based explorer with an emerging gold royalty business and large landholding in the Tennant Creek Mineral Field. Emmerson shareholders will receive 0.1493 new Pan African Resources shares for each Emmerson share held based on a Pan African share price of £1.58 per share. The scheme consideration implies a fully diluted equity value for Emmerson of c.£163 million (R3,7 billion). In conjunction with the scheme, Pan African Resources will seek to list on the ASX by way of a foreign exempt listing. The company’s shares will continue to trade as a dual primary issuer on the LSE and JSE following the proposed listing.
CA Sales has entered into an agreement to acquire a 71.19% stake in Sunpac, a South African distributor and turnkey route-to-market partner to a portfolio of international brand owners and retailers. The company will pay an anticipated purchase price of R197,6 million for the stake – a component of the price will be determined upon finalisation of Sunpac’s audited results for the year ending 31 March – subject to a maximum aggregate purchase price of R208,6 million. The transaction will be funded from internal cash resources. In addition, the company has the option to increase its shareholding by a further 17.7% for a consideration capped at R86 million. The acquisition adds a strategic capability for CA Sales in the fast-growing private and confined label category to enhance its ability to support retailers.
In line with its strategy to dispose of non-core assets, Deneb Investments has sold the property Deneb House, located in Observatory in Cape Town to Hype Investments for a consideration of R120 million.
Kalahari Village Mall (KVM) in which Hosken Consolidated Investments holds an effective 64.78% interest, has entered into an agreement with NAD Property Income Fund to dispose of its rights, title and interest in Kalahari Mall, in which it is a beneficiary of and the lessee in respect of a 90-year notarial deed of lease. The disposal consideration of R800 million will be used to settle debt funding and a distribution to shareholders.
A non-binding Memorandum of Understanding (MOU) has been entered into by ASP Isotopes’ subsidiary Quantum Leap Energy and a large publicly traded US energy company that operates nuclear power stations. The MOU outlines potential terms for providing financial support pursuant to definitive agreements for the supply of enriched uranium.
Reinet Investments advised its shareholders that it has now received the £2,9 billion (R69,79 billion) from Athora for the disposal of its shareholding in Pension Insurance Corporation, announced in July 2025.
Mahube Infrastructure has advised that the distribution of the Scheme Circular has been delayed. In December, Sustent Holdings – funds managed by Mergence Investment Managers and Creation Capital Services – made an offer to minorities to acquire up to 18,545,454 Mahube Infrastructure shares for R102 million. The company is in the process of engaging with the Takeover Panel regarding a further extension.
Southern Sun has referred shareholders to the announcement in February whereby it advised it proposed to acquire a 50% undivided share in certain Sandton Consortium properties operated by the Group for R735 million. Pareto has elected to exercise its pre-emptive right and as a result, the transaction between the company and Liberty has been terminated.
Unlisted Companies
Yazi, a local AI-native research platform built on WhatsApp, has closed its first institutional funding round led by 3 Capital Ventures, the South African early-stage venture firm spun out of Allan Gray. The investment will be used to accelerate product development, including the launch of automated voice interviews via WhatsApp, expand Yazi’s research participant panel across Africa, and scale internationally as demand from UK and European research agencies grows.
NjiaPay, a payments-as-a-service provider, has closed a US$2,1 million (c.R35 million) seed round led by Newion, one of Europe’s leading B2B SaaS investors. The platform actively optimises payments, increases revenue, and reduces complexity for merchants. Its merchant base includes high-growth startups and established global franchises such as Talk360, Anytime Fitness and Melon Mobile. The newly raised capital will be used to expand NjiaPay’s engineering and commercial teams.
DealMakers is SA’s quarterly M&A publication.
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