Listed Companies

Pan African Resources (PAR) has updated shareholders on its proposed acquisition of Emmerson Resources announced in March 2026. The company has nominated Tennant Consolidated Mining Group, a wholly owned subsidiary of PAR, to acquire the Emmerson shares. Under the terms of the scheme, Emmerson shareholders will be entitled to receive 0.1493 new Pan African shares (in the form of ASX-listed Pan African CHESS Depositary interests [CDIs]) for each Emmerson share. In conjunction with the scheme, PAR will list on the ASX by way of a foreign exempt listing. This will provide Emmerson shareholders with the ability to trade the CDIs on the ASX. PAR will maintain its dual primary listings on the LSE and JSE.

Spear REIT is to dispose of the rental enterprises Hamilton House and Chiappini House, both located in De Waterkant, Cape Town for an aggregate disposal price of c.R107 million. The properties were acquired by Spear in October 2024 as part of the acquisition of the Western Cape property portfolio of Emira Property Fund.

Equites Property Fund has disposed of a UK portfolio of five logistics properties to a fund managed by ICG Real Estate – part of ICG plc, a LSE-listed global alternative asset manager. The portfolio is valued at £200,5 million equating to a transaction yield of 5.5%. The deal releases c.£95,5 million (R2,1 billion) of net cash proceeds which will be redeployed into a higher-yielding local development pipeline over time.

AttBid has updated RMB Holding (RMH) shareholders following the firm intention offer made in February 2026 to acquire all the shares in RMB other than those held by Atterbury Property Fund (APF) and treasury shares. The offer will close on 29 May with AttBid announcing that as of this week, it had received valid acceptances in respect of 39,04 million shares representing just 2.87% of shares in issue (excluding treasury shares). These acceptances, together with AttBid and APF’s existing shareholdings equate to 46.52% of the RMH shares in issue.

In a cautionary announcement this week Labat Africa advised that it was in advanced negotiations to acquire the remaining 24.45% stake in Classic International Trading – an established IT solutions company. In November 2024 Labat acquired a 75.55% stake in Classic International Trading for an acquisition tag of R16,28 million, settled via the issue of 232,5 million Labat shares.

In September 2025, Serowe Industries announced a non-binding offer to Visual International shareholders to acquire up to 34.9% of the issued share capital of the company for an indicative subscription consideration of R60 million. Serowe has requested, and been granted by Visual, an extension of the non-binding offer to complete due diligence work. Serowe has until 30 June 2026.

The proposed acquisition by Sustent Holdings (funds managed by Mergence Investment Managers and Creation Capital Services) of Mahube Infrastructure from minority shareholders announced in December 2025 will not be implemented. Although Sustent upped the scheme consideration from R5.50 to R6.00 per Mahube share in March, this week the transaction failed to garner the requisite majority vote from shareholders.

Unlisted Companies

African Rainbow Energy and Power (AREP) has increased its investment in the renewable energy sector with the acquisition of a further stake in SOLA Group whose portfolio is valued at c.R20 billion. AREP now has a majority stake of 83% in the independent power producer, having a acquired a 40% stake in 2020. SOLA delivers clean energy to businesses across South Africa using cutting edge generation and energy storage technologies through Power Purchase Agreements, both on-site and through wheeling. The ownership change is being accompanied by a leadership transition in SOLA with the broader management team remaining in place. Financial details were undisclosed.

Bisedge Logistics & Infrastructure, a green logistics company specialising in the provision of electric material handling equipment through a ‘Zero CapEx’ model, has secured a US$20 million investment from pan-African private equity firm Metier Private Equity. The investment will be used to accelerate Bisedge’s expansion in Africa and strengthen its position in the intralogistics sector while growing its fleet of electric material handling equipment.

Sango Capital has acquired c.US$120 million in NAV in four African funds from an institutional investor rebalancing its global portfolio. The deal was funded by Sango’s own capital and additional capital was raised from a diverse group of commercial investors. The acquired portfolio spans financial services, consumer/FMCG, infrastructure and light manufacturing with a physical presence in over 14 African markets.

The disposal by Eskom Finance of its assets to African Bank, announced in March 2025, will not proceed due to conditions precedent of the agreement not having been met in terms of the agreed timeline.

DealMakers is SA’s quarterly M&A publication.
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