British American Tobacco (BAT) raised c.£315 million from the sale of 187,5 million ITC Hotels shares (9% stake) in an accelerated bookbuild. The proceeds will be used to reduce debt. Following the transaction, BAT retains a 6.3% shareholding in ITC Hotels.
Store-Age Property REIT has successfully closed its equity raise of R500 million in an accelerated bookbuild which was three times oversubscribed. 27,932,961 new shares were placed at an issue price of R17.90 per share. The issue price represents a discount of 0.7% to the 30-day VWAP as at 4 December 2025. The proceeds of the equity raise will be applied to support the company’s 2030 Property Strategy
Datatec will issue 4,197,683 shares to shareholders receiving the scrip dividend option in lieu of a final cash dividend, resulting in a capitalisation of the distributable retained profits in the company of R300,16 million.
Copper 360 has raised R400 million with 329,315,130 claw-back and rights offer shares subscribed for, representing 63.3% of the Rights Offer. The underwriters picked up the slack ensuring a successful raise.
Confirmation of the successful Squeeze-Out by Canal+ of the remaining ordinary shares in MultiChoice paved the way for its delisting from the JSE and A2x on 10 December 2025.
Safari Investments RSA will implement its Clean Out Distribution of R6.18 per share on 19 December, following which the company will delist from the JSE on 23 December 2025.
Conduit Capital which has been suspended from trading for more than three years will have its listing removed by the JSE on 19 December 2025. Shareholders will remain invested in an unlisted company.
This week the following companies announced the repurchase of shares:
During the period 29 September to 9 December 2025, Hosken Consolidated Investments repurchased 4,862,760 shares at an average price of R133.11 for a total of R647,26 million. The repurchase was funded from available cash resources and shares will be held as treasury shares.
Investec Ltd has announced it will repurchase some of the non-redeemable, non-cumulative, non-participating preference shares. The repurchase will commence on 11 December 2023 with shares repurchased cancelled, reverting back to an authorised but unissued share capital status.
On March 6, 2025, Ninety One plc announced that it would undertake a repurchase programme of up to £30 million. The shares will be purchased on the open market and cancelled to reduce the Company’s ordinary share capital. This week the company repurchased a further 288,965 ordinary shares at an average price 208 pence for an aggregate £602,132.
In October 2024, Anheuser-Busch InBev announced a US$2 billion share buy-back programme to be executed within the next 12 months which will result in the repurchase of c.31,7 million shares. The shares acquired will be kept as treasury shares to fulfil future share delivery commitments under the group’s stock ownership plans. During the period 1 to 5 December 2025, the group repurchased 1,155,247 shares for €61,37 million.
On 19 February 2025, Glencore announced the commencement of a new US$1 billion share buyback programme, with the intended completion by the time of the Group’s interim results announcement in August 2025. This week the company repurchased 6,400,000 shares at an average price per share of £3.76 for an aggregate £24,08 million.
South32 continued with its US$200 million repurchase programme announced in August 2024. The shares will be repurchased over the period 12 September 2025 to 11 September 2026. This week 1,050,115 shares were repurchased for an aggregate cost of A$3,63 million.
In May 2025, British American Tobacco (BAT) extended its share buyback programme by a further £200 million, taking the total amount to be repurchased by 31 December 2025 to £1,1 billion. In a trading update this week BAT increased the buy-back programme by a further £1.3 billion for 2026. The shares will be cancelled. This week the company repurchased a further 522,749 shares at an average price of £42.31 per share for an aggregate £2,25 million.
During the period 1 to 5 December 2025, Prosus repurchased a further 2,668,285 Prosus shares for an aggregate €140,68 million and Naspers, a further 870,370 Naspers shares for a total consideration of R925,85 million.
Three companies issued or withdrew a cautionary notice: RMH, Mahube Infrastructure and Libstar.
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