Exchange-Listed Companies
Consumer-packaged goods company Premier Group has launched a takeover bid of leading producer of convenience meal solutions RFG in a share swap transaction valued at c.R5,78 billion. Premier will issue shares in the ratio of 1 Premier share for every 7 RFG shares and a cash amount in respect of fractional entitlements to Premier shares. The share swap ratio is based on a reference price of R22.00 per RFG share and R154.00 per Premier share and will see RFG shareholders holding an aggregate 22.5% stake in the combined group. Based on the share swap ratio, the scheme consideration represents a premium per RFG share of 37.5% based on the 30-day VWAP. Shareholders collectively holding 77.8% of RFG’s shares in issue have undertaken to vote in favour of the transaction. Upon completion of the transaction, RFG will delist from the JSE. The enlarged group will have a combined annual revenue of c.R27,9 billion and profit after tax of c.R1,7 billion.
Growthpoint Properties has entered into a partnership with RSA Aero, the owners and operators of Cape Winelands Airport, making an initial investment with the right to co-invest and develop the new Cape Winelands Airport precinct – set to be developed on the site of the airfield previously known as Fisantekraal, north of Durbanville. The airport is expected to sustain c.35,000 direct and indirect jobs with an initial investment of R8 billion which will deliver the terminal buildings, runway and a 450-hectare developable estate. Construction of airport could begin in early 2026, pending Environmental Impact Assessment (EIA) approvals, with the projected opening in 2028.
Afhco Holdings, a subsidiary of SA Corporate Real Estate (SAC), has added to the residential portfolio with the acquisition of Parks Lifestyle Apartments at Riversands in Fourways. The development with a transaction valued of R1,67 billion will, once completed, comprise 2,000 residential units and will increase SAC’s exposure to suburban estates to 67.2% (currently 58.7%) of its residential portfolio. The purchase consideration will be funded through a combination of existing and new debt facilities, disposal proceeds and/or equity to be raised. The deal, a category 2 acquisition does not require shareholder approval.
Exemplar REITail has acquired two retail properties – a 50% stake in Boitumelo Junction in Welkom and Stimela Crossing in Barberton. The consideration payable for the Boitumelo Junction stake is R124,28 million to be paid to Masingita Property Investment Holdings. The second property owned by Zoviblox, a wholly-owned subsidiary of Masingita, will be sold for a purchase consideration of R235,47 million. The acquisitions constitute category 2 transactions for Exemplar and as such do not require shareholder approval.
ASP Isotopes has acquired an independent radiopharmacy located in Florida, US. The transaction is in line with the company’s strategy to expand PET Labs Pharmaceuticals’ nuclear medicine business, building a vertically integrated supply chain, manufacturing and distribution system for the delivery of radiopharmaceutical products. The acquisition represents PET Labs’ first expansion outside of South Africa.
The Canal+ offer to MultiChoice shareholders closed on 10 October with shareholders holding c.92.54% of the issued share capital accepting the offer. These acceptances together with the shares held by Canal+ prior to the offer will result in Canal+ holding a c.94.39% stake. The remaining shares will be compulsorily acquired in terms of the ‘squeeze out’ mechanism as the offer has been accepted by more than 90% of MultiChoice shareholders.
In early September Shuka Minerals informed shareholders that the finalising of the acquisition of Leopard Exploration and Mining (LEM) which owns the Kabwe Zinc Mine, first reported in December 2024, had been hindered due to the delay in the remittance of funds in the form of a loan from Gathoni Muchai Investments (GMI). The loan is necessary to satisfy the US$1,35 million balance of cash consideration due to the LEM vendors. GMI has now confirmed that payment is in process.
Unlisted Companies
Kuunda, a B2B fintech solutions provider, has closed a Pre-Series A funding round of US$7,5 million. The funding round was supported by Portugal Gateway Fund, Seedstars Africa Ventures, 4Di Capital, Accion ventures, Nedbank and E4EAfrica. The funding will be used to scale inclusive digital lending by building the infrastructure as Kuunda expands into new markets in Africa and the MENA region.
Abland Property Developers and The Cavaleros Group have entered into a joint venture agreement on key land holdings. The partnership aims to accelerate the creation of sustainable, world-class developments and in doing so stimulate economic growth and empower communities.
Thebe Solar Energy has disposed of a portfolio of operational solar and battery energy storage assets to Westbrooke Renewable Energy Alternatives, a partnership between Westbrooke Alternative Asset Management and French renewable energy company CVE’s local subsidiary. The portfolio, located at 91 Shell-owned services stations across South Africa, generates c.7.8 GWh of renewable power annually. Financial details were undisclosed.
DealMakers is SA’s quarterly M&A publication.
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