Exchange-Listed Companies
Trellidor has entered into an agreement with Sole Ceramics to dispose of the operations of Taylor Blinds and Shutters and NMC South Africa. The operations have failed to deliver to expectations and no synergies exist between these businesses and the core business Trellidor. The disposal tag is capped at R90 million with the proceeds to be allocated to reducing debt and strengthen the liquidity of the Group.
Hyprop Investments has disposed of a 50% stake in the Hyde Park Corner property to a subsidiary of Millennium Equity Partners for a consideration of R805 million with an option to dispose of/acquire the remaining 50% of the property to be exercised between 31 August and 30 November 2027. The proceeds will be allocated to reducing debt in the short term and for asset management initiatives, organic growth opportunities and new investments within Hyprop’s existing operations.
Fintech group Lesaka Technologies is to acquire Bank Zero Mutual Bank, the South African digital bank based on a zero-banking fees, in a deal valued at R1,1 billion. The transaction will be settled through the issue of shares (c.R1 billion) and up to R91 million in cash, resulting in the shareholders of Bank Zero holding a c.12% stake in Lesaka. The deal paves the way for a change in the way Lesaka will conduct its business, maximising synergies by combining Bank Zero’s digital banking infrastructure and operational banking licence with its fintech and distribution platform. The broader Bank Zero leadership team will remain in their current roles.
In a further announcement Lesaka Technologies advised that its Netherlands subsidiary Net 1 Applied Technologies had completed the sale of its entire equity interest in One Mobikwik Systems which is listed on the Indian Stock Exchange. The sale generated cash proceeds of US$16,3 million (R290 million).
EMedia (EMH) and Remgro subsidiary Venfin announced a transaction which will see eMedia take control of the entity EMI that holds its stake in e.tv., eNCA, OpenView and Yfm. The parties have agreed to a share swap whereby Venfin will exchange its 32.31% stake in EMI for 220 million EMH N shares, valued at R715,5 million. In addition, Venfin will subscribe 18,3 million EMH N shares at a subscription price of R3.25 per share amounting to R59,5 million – representing a 20% premium to the 30-day VWAP of 25 June. In due course, Remgro intends to distribute its EMH stake to its shareholders.
Reinforcing its strategic positioning in Spain, Lighthouse Properties has acquired a further shopping mall, adding Espacio Mediterràneo which is in Cartagena in the province of Murcia. The purchase consideration of €135,4 million reflects a gross asset yield of c.7.0% (before transaction costs).
Following press speculation that Reinet Investments was in talks regarding a possible sale of its 49.5% stake in Pension Insurance Corporation, the company confirmed that it had been approached by Athora Holding, a European savings and retirement group. The terms of the potential disposal imply a consideration payable for 100% of the fully diluted share capital of PIC of c. £5,7 billion. However, Reinet warned that there was no certainty a possible transaction would proceed.
Shareholders of Barloworld have been notified that the Independent Board has agreed to extend the acceptance date of the consortium’s Newco Standby Offer given that there are still a number of regulatory issues to finalise. As a condition to the extension, Newco has agreed to pay a break fee of R20 million to Barloworld if conditions are not fulfilled by the Longstop date. Acceptances currently stand at c.34.4% which together with shareholdings of the consortium and the Barloworld Foundation equates to 57.7% (excluding treasury shares) – above the 51% minimum requirement Newco stipulated it would need for the Standby Offer to be implemented.
In December 2023, Sun International South Africa announced the planned acquisition of the Peermont Group in an equity transaction valued at R3,24 billion (enterprise value of R7,3 billion). In October 2024 the Competition Commission recommended that the Competition Tribunal prohibit the deal. Fast forward to July 2025, the Tribunal is still to rule on the matter, this week issuing a date of 2 October 2025 for the hearing and closing arguments. The parties have extended the Regulatory Longstop Date over this period to accommodate a ruling but have now mutually agreed to the immediate termination of the proposed transaction as the hearing date falls beyond the latest Longstop Date of 15 September 2025.
Unlisted Companies
South African venture capital firm Knife Capital has announced investments in two local startups – Sticitt, a fintech innovator in school payments and Optique, a disruptor in the optometry space. The new Series A investments were made through its KNF II fund. Details on the size of investments were not disclosed.
Intengo Market, a South African digital platform enhancing liquidity, transparency, and price discovery, and offering tools and analytics to support the debt issuance and trading process, has acquired Addendum’s secondary market platform. The acquisition creates a comprehensive ecosystem for both primary and secondary debt markets by consolidating primary and secondary market functionalities into a single platform. Financial details were undisclosed.
In a significant milestone for South Africa’s maintenance, repair and overhaul (MRO) industry, Nordbak, a local specialist provider of MRO solutions with a strong foothold in mining, infrastructure and industrial segments has been acquired by Henkel in a strategic move to strengthen its Adhesive Technologies business in South Africa. Financial details were not disclosed.
DealMakers is SA’s quarterly M&A publication.
www.dealmakerssouthafrica.com
