Exchange-Listed Companies
The disposal by Nedbank of its 21.2% stake in Ecobank Transnational Incorporated (ETI) comes as no surprise. The group indicated recently in its interim results that the stake was classified as held for sale but its unhappiness with the asset has been well documented for a number of years. In 2008 Nedbank and Ecobank established a strategic business co-operation relationship. In 2014 Nedbank exercised the option to acquire a 20% stake in ETI for which it paid at the time US$493,4 million (R5,57 billion). Last week Bosquet Investments, the private investment vehicle of managing partner and co-founder of Enko Capital, acquired the stake for $100 million (R1,8 billion). Nedbank says the disposal represents a reset for the Bank’s strategy on the rest of the African continent with a clear focus on the SADC and East Africa regions in businesses Nedbank owns and controls.
African Rainbow Minerals (ARM) is to purchase 25,781,715 shares in Surge Copper at a price of C$0.175 per share for a total consideration of C$4,51 million. The acquired shares increase ARM’s stake from 13,44% to 19.9%. The transaction represents a non-brokered private placement and was undertaken for investment purposes.
African Infrastructure Investment Managers (Old Mutual) through its IDEAS Fund and Motseng Investment have formed a joint venture company Motseng Ideas Infrastructure Group (MIIG). MIIG’s mission is to invest in, develop and operate assets that directly improve the lives of communities and drive inclusive growth. MIIG is a black-owned, black women-led entity.
Dipula Properties has acquired Protea Gardens Mall in Soweto from Pietersburg Property Development for a purchase cash consideration of R487,1 million. In addition, Dipula acquired a further four properties from various vendors for an aggregate R215,6 million. Two of the properties are industrial, one retail and the fourth, which is land, is adjacent to Tower Mall in Jouberton which will allow for future expansion potential.
Through its Isle of Man-based subsidiary, Equites Property Fund has concluded an agreement to dispose of the last-mile logistics facility know as Unit 1, The Hub, situated in Burgess Hill in the UK. Proceeds from the £17,6 million (R422 million) cash disposal will be applied to settle the associated debt. The property is being sold at an initial net yield of c.5% which is in line with its book value as at 28 February 2025.
Deneb Investments has disposed of 9 Warrington Road in Mobeni Durban for R170 million to Siana Property. Deneb will receive an initial cash deposit of R4 million and the balance secured by the issue of a bank guarantee. The asset was considered non-core to its strategy and represents a category 2 transaction, not requiring shareholder approval.
PPC Zimbabwe (PPC) has concluded an agreement to dispose of vacant immovable property situated in Harare, known as the Arlington Estate, to a privately held Zimbabwean company for a cash consideration of US$30 million.
PK Investments increased the maximum cash amount it was offering to shareholders from €110 million to €115 million to be applied to all acceptances of the voluntary bid. At the Bid’s close, shareholders holding 14.38% of MAS accepted the offer with PKI collectively holding 36.32% and 49.4% together with concert parties.
The Competition Appeal Court has approved Vodacom’s acquisition of a 30% stake in Maziv subject to the set of revised conditions proposed by Vodacom, Remgro and Competition Commission. Implementation of the transaction now awaits ICASA’s unconditional approval.
The Competition Tribunal has approved the acquisition, first announced in December 2024, of Barloworld by Newco, a consortium comprising Gulf Falcon, a subsidiary of Saudi Arabia’s Zahid Group and Entsha, a company linked to Barloworld CEO Dominic Sewela. The transaction is still subject to the implementation of certain agreed public interest conditions, including the implementation of a B-BBEE structure after delisting.
Harmony Gold Mining has received approval from the Australian Foreign Investment Review Board to acquire MAC Copper from minority shareholders in a $1,03 billion (R18,4 billion) deal announced in May this year. Harmony received SARB approval earlier this month – shareholders will vote on 29 August 2025.
Peabody Energy has indicated that it intends to terminate the $2,05 billion (R36,9billion) deal with Anglo American announced in November 2024 citing a Material Adverse Change event. The decision follows a fire in Anglo’s steelmaking coal business Moranbah North in March this year which suspended operations. Anglo believes the event does not to constitute a MAC under the sale agreement with Peabody and will initiate an arbitration to seek damages for wrongful termination.
Unlisted Companies
VEA Capital Partners, the investment arm of VEA Group, has announced a strategic investment in Cape-based StraTech. The fintech is a full-stack enterprise fintech infrastructure company delivering payment, reconciliation, and treasury solutions for complex, high-volume industries across Africa. The investment will unlock StraTech’s next phase of growth, enabling the expansion of its core platform into new verticals and regions, accelerating enterprise sales and strategic partnerships across Southern Africa, and further enhancing its suite of embedded compliance and treasury tools.
Alterra Capital Partners has made an undisclosed investment in the Cobra Group, a designer and manufacturer of customised mining support and firefighting vehicles, and critical enabler of operational productivity and workplace safety. The partnership will enable Cobra to expand into new markets and scale its capabilities.
DealMakers is SA’s quarterly M&A publication.
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