Exchange-Listed Companies
Mr Price has entered into a transaction agreement to acquire 100% of European value retailer NKD from private equity parties Fliegendes Pferd Midco, a UK company holding 98.22% and Fliegendes Pferd MEP, a German general partner holding 1.78%. Mr Price will pay a base purchase price of €415 million (R8,23 billion) subject to a maximum of €487 million (R9,66 billion), which will be settled by way of cash and debt. The deal, a category 2 transaction, is expected to close during Q2 2026.
Capitec Bank is to acquire 100% of Walletdoc, a local fintech providing scalable, innovative payment gateway solutions for merchants, including online and in-app payments, digital wallets, Instant EFT, payment links and real-time payouts. For Capitec, the acquisition is strategic, reinforcing its ongoing commitment to lower the cost of payments, broaden access to digital financial services, and promote local financial inclusion. Capitec will pay up to R400 million for the business.
Aligned with the Group’s strategic direction to simplify its portfolio by sharpening its focus on priority categories with sustainable growth potential, Libstar has sold its fresh mushroom operations. It has however retained the Denny brand which it has licensed to the purchaser for the use in the fresh mushroom category and will continue to produce and market its value-added Denny branded products. Libstar expects to report a loss on sale before tax of its mushroom operations in the annual financial results for the year ended 31 December 2025 of between R45 million and R55 million.
Special purpose vehicle Sustent Holdings, backed by funds managed by Mergence Investment Managers and Creation Capital, has made an offer to shareholders to acquire and delist Mahube Infrastructure. For shareholders of this illiquid stock, which trades at c.40% discount to its NAV, it provides an exit. Shareholders can decide to remain in the unlisted entity or accept the R5.50 offer per share. As a delisted entity, Mahube could be positioned as a player for private equity investments in large-scale infrastructure assets in South Africa.
In a move to monetise its infrastructure assets, BHP has agreed to a deal which will see Global Infrastructure Partners (BlackRock) take a 49% stake in BHP’s Western Australian Iron Ore (WAIO)’s inland power network. GIP will provide US$2 billion in funding for the stake. BHP will pay the entity a tariff linked to BHP’s share of WAIO’s inland power over a 25-year period.
The finalisation of the take-private of Curro by the Jannie Mouton Stigting remains subject to the fulfilment of certain suspensive conditions. The parties are waiting for confirmation of the dates of the Tribunal’s approval process.
This week both Anglo American and Teck shareholders voted in favour of the proposed merger. The completion of the merger remains subject to a number of regulatory approvals.
Unlisted Companies
Lead investor Secha Capital in conjunction with 27four and Shade Tree Capital have invested into Barracuda Holdings, a South African electronics manufacturing services business. The new partnership will position Barracuda for its next growth phase. Financial details were not disclosed.
VEA Capital Partners, a private-investment company, has announced a strategic partnership with Freedom of Movement, the local lifestyle brand known for its leather goods, apparel and accessories. The alliance will scale the brand’s retail footprint, strengthen manufacturing capacity and introduce new product categories. Financial details of the transaction were undisclosed.
DealMakers is SA’s quarterly M&A publication.
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