Exchange-Listed Companies
Sana Bidco, the consortium formed by US private equity firm Kohlberg Kravis Roberts and infrastructure investor Stonepeak, raised its offer to acquire UK healthcare real estate investor Assura in a bidding war with rival suitor Primary Health Properties (PHP). KKR raised the offer price to 52,1 pence per share, valuing the company at £1,7billion (R41 billion). The best and final offer includes declared dividends of 1,68 pence and represents a 39.2% premium over the pre-offer closing price of 13 February 2025. The Assura Board has recommended that shareholders accept the Sana Bidco offer. PHP is considering its options and will make a further announcement in due course but strongly advises Assura shareholders not to act in response to Sana Bidco’s increased offer.
PK Investments has further increased its offer to MAS minorities. The May offer, initially priced at €0.85 per share, was increased to €1.10 and now sits at €1.40 per share. During this period Hyprop undertook a private placement, raising R808,3 million which the company said would be used, in part, to propose a deal that would offer MAS shareholders the option of a share swap or a cash alternative.
Final authorisation has been received by Shuka Minerals from the Competition and Consumer Protection Commission for the proposed acquisition of 100% interest in Zambian mining and exploration company Leopard Exploration and Mining which owns the Kabwe Zinc Mine in Zambia. The transaction value of $3 million will be settled by the issue of 28,640,042 new ordinary shares at £0.07737 per share and a cash component of $1,35 million. The shares will represent on issue, 29.99% of the company’s enlarged issue share capital.
The circular detailing ASP isotopes’ offer to Renergen shareholders has been released – shareholders will vote on the scheme at the General Meeting to be held on 10 July 2025.
Unlisted Companies
Local agri-tech startup Nile has secured US$11,3 million in funding in an investment round led by the Cathay AfricInvest Innovation Fund alongside the Dutch entrepreneurial bank FMO and existing investors. The funds will be used to expand its agricultural inputs marketplace in Southern Africa and introduce innovative financing solutions in partnership with banks.
MyNextCar (MNC), the South African vehicle solutions company, has raised $10 million in its first funding round with support from Emso Asset Management, Bolt (MNC is a key partner in Bolt’s fleet network), Assemble Capital and E2 Investments. The capital will enable MNC to deploy c.1,500 company vehicles, earmarked specifically for Bolt Lite.
SA-H2 Fund, also known as CI3 South Africa, has made an inaugural investment in Hive Hydrogen, South Africa’s first large-scale green ammonia plant based in the Eastern Cape. Hive Hydrogen South Africa is a joint venture between UK-based Hive Energy and SA renewable energy investment company BuiltAfrica. SA-H2 Fund, which is a partnership between climate finance investor Climate Fund Managers and Dutch development financing institution Invest International, has committed up to US$20 million in development funding to complete the final stage of development of the ammonia project. SA-H2 has the option to participate in the construction phase for up to $200 million.
The Public Investment Corporation (PIC), the Industrial Development Corporation (IDC) and the Development Bank of Southern Africa (DBSA) have pledged a total of US$37 million to SA-H2 Fund to finance green hydrogen projects. The PIC will has pledged $17 million while the IDC and DBSA will each invest $10 million over several tranches.
DealMakers is SA’s quarterly M&A publication.
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