Exchange-Listed Companies
Coal miner Exxaro Resources has invested in the manganese sector with the announced acquisition of select assets from Ntsimbintle and OMH (Mauritius) Corp, a subsidiary of Australian OM Holdings. The move is in line with Exxaro’s stated strategy to diversify beyond coal. The target assets from Ntsimbintle Holdings include – a 74% stake in Ntsimbintle Mining (SA’s largest single mine manganese exporter), 19.9% of Jupiter Mines, 51% of Mokala Manganese (in the Khalahari Manganese Field), 9% of Hotazel Manganese Mines and 100% of Ntsimbintle Marketing and Trading Private. From OMH (Mauritius), Exxaro will acquire a further 26% stake in Ntsimbintle Mining. The cash consideration payable is R11,67 billion but is subject to pre-emptive and tag-along rights which may see the final consideration payable decrease to R9 billion or escalate to a maximum of R14,64 billion.
4Sight has announced the disposal of a 30% stake in its South African operations in a B-BBEE transaction with newly formed 4Bonela Pele Education Trust. The Trust will support and fund development programmes focussing on higher education and formal training opportunities to support skills development relevant to the ICT sector, with 50% of the beneficiaries being black women. Shareholder approval is not required.
Grindrod and co-investor Vitol B.V have commenced exiting their 50% investments in the marine fuel trading business Cockett Group, CMOG Fuel DMCC and Cockett Marine South Africa following an agreement between the parties to proceed with a solvent winddown. In terms of the agreement Grindrod will receive US$22 million, being 61% of the carrying value of the investment as of 31 December 2024. Cockett was the only material asset remaining in Grindrod’s non-core asset portfolio.
Sanlam Private Equity (Sanlam) has acquired a stake in Boston City Campus for an undisclosed sum. Founded in 1991, the institution operates 47 campuses across South Africa.
In response to market speculation, Hammerson has confirmed that it is in the process of acquiring the units in the abrdn UK Shopping Centre Trust which holds the 59% stake in Brent Cross not already held by Hammerson for a net cash consideration of c.£200 million. Hammerson has an economic interest in Brent Cross of over 90%. Further details will be released in due course.
Europa Metals has been unable to identify suitable projects in which to invest or raise funds for and as such the Board has resolved to proceed with the return of the assets of the company to its shareholders. The company’s shares were suspended on the AIM market of the LSE and the company is currently engaging with the JSE.
Dimopoint, a wholly owned subsidiary of Collins Property, has disposed of letting enterprises to Trident Property via a series of inter-conditional agreements. The industrial properties, situated in Durban, Roodekop and Gqeberha, have been disposed of for an aggregate consideration of R649,75 million. The transaction forms part of Collins’ strategy to recycle capital, the net proceeds of which have been earmarked to fund investments in the Netherlands. The deal is a category 2 transaction in terms of the JSE Listings Requirements and as such, shareholder approval is not required.
Prosus has announced the completion of its December 2024, US$1,7 billion acquisition of Despegar, the Latin American online travel agency. Shareholders received $19.50 per Despegar share.
Barloworld and Newco jointly advised shareholders that the date, at which Newco would advise if it was to waiver the acceptance condition for the acquisition (standby offer) of Barloworld, would be extended from 9 May to 30 June 2025.
Unlisted Companies
Fuel Ventures, a UK-based early stage venture capital fund, has led a £340,000 investment round into Community Wolf, a SA startup providing public safety through its WhatsApp-based platform. The investment will be used to accelerate platform evolution and innovation and to scale the development and distribution of the Community Wolf platform including expanded marketing efforts from digital campaigns to out-of-home visibility into countries such as Nigeria, Brazil and wider South America.
DealMakers is SA’s quarterly M&A publication.
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