Listed Companies

Hammerson is to acquire a 50% interest in the Manchester Arndale shopping centre from Palma Arndale BidCo in a transaction valued at £218 million, representing a topped-up NIY of 7.8%. To part-fund the acquisition Hammerson will raise up to 10% of its exiting issue share capital (c.£190 million). The equity raise will be via a non-pre-emptive placing to institutional investors, a retail offer and a subscription of new shares by certain directors of the company.

Anglo American is in discussion with the Global Diamond Consortium to sell its 85% stake in De Beers for c.$1 billion. This potential sale reflects a substantial drop in the worth of De Beers which was valued at US$13 billion when Anglo took full control in 2011, and over $18 billion in 2001.

Kibo Energy is in early-stage discussions regarding an alternative transaction following the failed proposed reverse takeover announced earlier in July. Following failed discussions, the company has cancelled trading of its shares on AIM and in currently in discussions with the JSE in respect of the company’s secondary listing on the exchange.

Unlisted Companies

Aleyo Growth Fund I’s education investment platform, Footprints Education Group (FEG), has acquired a 24% stake in Penflex, a South African manufacturer of plastic products. The stake was acquired from Legacy Africa Capital Partners which bought a controlling 60% stake in Penflex in 2021. Alongside FEG’s acquisition, Penflex’s management has lifted its stake from 11% to 51%. Legacy retains 25%. Penflex focuses on recycled materials, manufacturing stationery, plastic homeware, office products and window blind components.

DealMakers is SA’s quarterly M&A publication.
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