Exchange-Listed Companies
Ascendis Health has announced details of its plans to delist the company – a move shared with shareholders in September in a cautionary announcement. The offer is via a repurchase of shares not exceeding a 20% stake. The cash consideration offered of R0.97 per share represents an 18.2% premium to the 30-day VWAP prior to the publication of the cautionary announcement. However, the offer is conditional on the delisting of the company via the acceptance of the 20% stake with the remaining shareholders to continue invested in an unlisted entity. Shareholders holding 72.07% of the issued share capital of the company have undertaken not to accept the offer, leaving those holding the remaining 27.93% to decide at the General Meeting on 21 November 2025.
The Astoria Investments’ board of directors has made a conditional offer to shareholders to acquire not more than 42.5% of the company’s shares for a cash consideration of R8.15 per share. The offer consideration represents a premium of 26.5% to the 30-day VWAP of R6.44 on 24 October. The 40% discount at which Astoria shares continue to trade relative to the net asset value is cited as the rationale for the company’s intended delisting. The offer consideration of R214,97 million will be funded from available cash resources. If the maximum acceptance condition is reached, prior to the Astoria’s delisting, the company will declare a distribution of 7,447,473 Goldrush preference shares (GRSP) to all Astoria shareholders in the ratio of 12 GRSP for every 100 Astoria shares held. Shareholders representing 59.33% of the total shares in issue (excluding concert parties) have undertaken to vote in favour of the offer and delisting, while shareholders holding 57.81% of the offer shares have undertaken not to accept the offer.
The acquisition by FirstRand Bank (FirstRand) of a 20.1% stake in soon to be listed Optasia leaves little doubt that it sees opportunities for it to leverage the fintech platform to accelerate its own strategy to grow in underrepresented segments. Optasia represents one of the largest AI-powered fintech platforms providing access to people across emerging markets. The stake has been acquired from existing private equity shareholders who include King Supreme, Waha, VAS, Zoey Enterprises, BH Holdings, ADP III, Chronos and Muller Capital. FirstRand will pay R19.00 per share, representing the top end of the price range of R15.50 to R19.00 per offer share announced by the company for its IPO. The strategic stake, acquired for R4,72 billion is subject to a twelve-month lock-up.
RMB Corvest (FirstRand) in partnership with Thuto Fund 1, has acquired a minority stake in Fundi Capital, a specialised financial services provider of educational loans and fund administration services. It provides funding solutions for education to students, government employees and corporate clients. Its product offering covers a range of educational costs from tuition fees, device loans, study materials, food and student accommodation. The transaction saw the buy-out of certain non-operational shareholders and will see the consortium partnering with the founding Kitshoff Family and the Public Investment Corporation, both of whom are existing shareholders in Fundi.
Old Mutual has acquired an 85% stake in 10X Investments from exiting equity investors Old Mutual Private Equity (OMPE) and DiGAME. 10X focuses on capturing the ongoing global generational wealth transfer by delivering low-cost, long-term savings and investment solutions tailored to client needs. Since 2014 when OMPE and DiGAME invested in 10X, assets under management have grown from R3 billion to more than R68 billion, servicing over 60,000 clients. The deal is valued at R1,87 billion with 10X management set to retain a stake in the business.
As part of its global strategy to concentrate its resources where it offers the most distinctive client proposition, Standard Chartered has announced the exit of its Wealth and Retail Banking (WRB) business portfolios in Zambia and Uganda. First National Bank Zambia (FirstRand) has acquired the assets in Zambia for a purchase consideration of up to US$150 million. Absa Bank Uganda (Absa) is to acquire the WRB business portfolio of Standard Chartered Bank Uganda. The acquisition represents a strategic step for Absa as it continues to deepen its presence in key markets and broaden its service offerings across the continent. Under the agreement, all Standard Chartered WRB clients and staff will transfer to Absa. Financial details were not disclosed.
Pan-African technology group Cassava Technologies has received an investment from STANLIB Infrastructure Investments (Standard Bank) to accelerate the expansion of Africa Data Centres (ADC) in South Africa. The investment will drive the expansion and development of AI-ready data centres at ADC campuses in Johannesburg and Cape Town. The size of the investment was not disclosed.
KAP has announced the merger of its subsidiary PG Bison’s non-core forestry, sawmilling and pole operations in the Southern Cape with the Southern and Eastern Cape forestry and sawmilling operations of MTO Forestry. The assets will be housed in a new entity Cape Forest Products (CFP) in which PSG Bison will hold a 49% stake – the value attributed to the assets contributed by PG Bison in the deal is R251 million. Other shareholders in CFP are Wild Peach Investments with a 28.1% stake and MTO Community SPV with 22.9%.
Fairvest has concluded an agreement to acquire two rental enterprises known as Jozini Mall and Tugela Ferry Mall located in KwaZulu Natal. The total purchase cash consideration for the properties is R674 million – R399,1 million for Jozini Mall and R274,9 million for Tugela Ferry Mall – at a blended yield of 10.17%.
Sable Exploration and Mining’s Lapon Plant has entered into a comprehensive Operator, Ore Supply and Processing Agreement with Daemaneng Minerals. In terms of the agreement Daemaneng will act as both the exclusive operator of the plant and the sole supplier of the product. Daemaneng will fund all the capital and operational expenditure associated with the optimisation, expansion and ongoing operations of the Plant. This is in line with Sable’s strategy to de-risk operations and to deliver, in the near term, profitability under a fully funded operational model. The agreement is considered a category 1 transaction due to the fact that the total consideration is not subject to a maximum. Shareholder approval is required.
In an update on the offer to Curro shareholders by the Jannie Mouton Stigting, the scheme consideration as at 24 October 2025 is R14.18 which comprises a cash consideration of R0.85837 per scheme share plus a share consideration comprising Capitec shares in the ratio of 0.00284 Capitec shares per scheme share plus PSG Financial Services shares in the ratio of 0.07617 PSG Financial Services shares per scheme share. This represents a premium of 74% to the closing share price of Curro of R8.13 on 25 August 2025. The deal has received unconditional approval from the Namibian Competition Commission. The transaction remains subject to the approval from the South African and Botswana Competition Authorities.
Unlisted Companies
Maponya Investment Holdings (MIH) has acquired a significant stake in the duty-free chain Big Five Duty Free, a prominent duty-free operation with stores in South Africa’s international airports. MIH joins existing shareholders Gebr. Heinemann, the German travel retail giant, luxury goods group Cavi Brands and Zithezava and Rumbi Investments, a women-owned investment consortium. Financial details of the transaction were not disclosed.
Sanari Capital has exited its investment in Fernridge Solutions – a leader in data services and market intelligence in Africa. The exit, to Broll Property Group, marks the next phase of growth for Fernridge as it looks to scale its digital offerings across the continent. Financial details were undisclosed.
Apex Partners has emerged as the buyers of a majority stake in the Financial Mail – Arena will retain a 30% shareholding. The investment firm is 51% owned by founder and CEO Charles Pettit and 40% owned by Sabvest Capital. Financial Mail will be housed in a newly created division Apex Publishing Enterprises.
Solareff, a specialist South African-based renewable energy solutions company, has concluded its exit from GridCars, a local player in the electric vehicle charging infrastructure sector. Solareff partnered with GridCars in 2017, when it pioneered the first off-grid EV chargers and the first highway-linked EV charging network in South Africa.
DealMakers is SA’s quarterly M&A publication.
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