Exchange-Listed Companies
Mantengu has entered into a binding term sheet with the Lutzkie Besigheids Trust to acquire 100% of the New Salt Rock City which in turn owns 60% of Kilken Platinum. Kilken is the 70% owner of the Kilken Imbani Joint Venture. The jv is an integrated processing operation treating the tailings from the Rustenburg Platinum Mines owned by Valterra Platinum. The purchase consideration, which is still to be finalised pending a due diligence, will be payable in a combination of cash and shares issued by Mantengu.
Anglo American has announced a proposed merger with Canada’s Teck Resources in a US$60bn deal. Anglo has a market capitalisation of R630 billion while Toronto-listed Teck is valued at c. R300 billion. As this is a merger, no significant takeover premium is being paid by Anglo who will issue 1,33 shares to existing Teck investors for each share they hold in the company. Anglo shareholders will receive $4,5 billion via a special dividend (using proceeds received from the shedding of its remaining shareholding in Valterra Platinum) and will end up with a 62.4% stake in the merged entity to be called Anglo Teck. The new entity will shift its headquarters to Canada and retain its primary listing in London with secondary listings in Johannesburg, Toronto and New York. The merger will concentrate around 70% of the company’s portfolio in copper, alongside iron ore and zinc. The merger is expected to produce a total $800 million in pre-tax savings. The transaction is subject to regulatory approvals expected to complete within 12-18 months.
The Spar is to sell its interest in Spar Switzerland to Tannenwald Holding AG in a deal with an equity value of c.R1,03 billion. In addition, Spar will be entitled to further earn-out payments of up to c.R660 million due at the end of 2027 based on actual achieved EBITDA of Spar Switzerland for FY26 and FY27.
CP Finance, as subsidiary of Newpark REIT, has entered into a conditional agreement to dispose of the industrial property known as Crown Mines, situated at 28 Renaissance Drive in Crown City, Johannesburg. Aviwe Nonya will pay R101,4 million to Newpark for the property, the proceeds of which will be used to reduce debt and fund new acquisitions.
As of 11 September 2025, Newco’s Standby Offer had received valid acceptances in respect of 76,67 million Barloworld ordinary shares equating to c.41.1% stake in the company. This together with the Consortium’s and Barloworld Foundation’s existing shareholdings, equates to 64.5% of the shares in issue.
Unlisted Companies
Rekindle Learning, a women-led local digital learning innovator, has acquired EpiTek, a South African educational technology (EdTech) company that provides Software as a Service (SaaS) for online education platforms tailored for the African market. The EpiTek acquisition positions Rekindle Learning as a significant player in a sector largely dominated by international players. Financial details of the transaction were not disclosed.
Educational technology company The Invigilator, has secured US$11 million in international equity investment led by Kaltroco, a private investment company based in Jersey and investment professionals in Nashville, Zurich and Cape Town. The investment will give it the ability to ramp up AI development, allowing greater access to education while maintaining assessment credibility. It will roll out further, creating teams and presence in the US, Asia and Europe. Since inception in 2020, The Invigilator has served over 100 institutions with over 850,000 registered students, processing over six million results through more than 75,000 assessments across these institutions.
The African Forestry Impact Platform (AFIP), a fund of New Forests, a global investment manager of nature-based real assets and natural capital strategies, has invested in Rance Timber, a forestry and saw milling company in South Africa. The family-owned business consists of c.14,000 hectares of pine plantations and two sawmills based in the Eastern Cape. The acquisition follows AFIP’s earlier investment in Green Resources in East Africa. The fund, which has US$8 billion in assets is headquarter in Australia. Financial details were undisclosed.
Mulilo Energy, a renewable energy developer and strategic equity investor based in Cape Town, has secured a corporate facility from Standard Bank with an initial commitment of R1,1 billion available to support equity commitments while a further R5,9 billion can be allocated from headroom as the security pool grows raising commitments to R7 billion. This will enable Mulilo to execute on a robust pipeline of renewable energy projects spanning REIPPPP, Battery Energy Storage Systems and private off-take agreements with aggregators and traders.
TaxTim, a Cape Town-based digital tax assistant has been acquired by a consortium led by Twofold Capital and including Stellenbosch-based Octoco. Founded in 2011, TaxTim’s platform integrates with Sars eFiling, guiding users through a step-by-step process to prepare and submit returns and has processed over R700 million in tax refunds for its users to date.
Fintech platform Float has secured US$2,6 million (R46 million) in funding co-led by Invenfin (89% held by Remgro) and SAAD Investment Holdings with participation from existing investors including Platform Investment Partners. Lighthouse Venture Partners contributed as an investor and strategic adviser. Float offers consumers a responsible alternative to traditional credit by enabling them to split large credit-card purchases into monthly instalments up to 24 months without interest or fees, using existing credit limits. The funds will be used to scale Float’s footprint across SA, improve its technology and prepare for international market expansion.
Cape Town-based HOSTAFRICA, a provider of web hosting, domains and VPS services for the African continent has signed an agreement to acquire the Tanzanian web hosting company Zesha (T). HOSTAFRICA already has a footprint in South Africa, Nigeria, Kenya and Ghana. Financial details were undisclosed.
DealMakers is SA’s quarterly M&A publication.
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