Listed Companies
Spear REIT has acquired Watergate Centre, a shopping centre in Mitchells Plain, from MPW Cape Properties in a transaction valued at R442 million. The centre serves a high-density catchment area and is aligned with the company’s strategy of acquiring well-located, convenience-led retail assets within the Western Cape.
Stor-Age Property REIT has acquired a purpose-built double-storey property known as Execustore in Ballito for a purchase consideration of R59 million. The property offers 5,700m² GLA and has 6,600m² of land available for future expansion.
AfroCentric Investment Corporation has announced revised terms of its disposal first announced in December 2025 of Activo and its subsidiaries to FHC Farmaceutica and FHC (FHC Group). Specifically, the transactions value of R600 million has been significantly reduced. This comes on the back of the announcement in January 2026 by Bonitas Medical Aid of the outcome of a competitive RFP process, which awarded its administration and managed care contracts previously held by AfroCentric’s subsidiary Medscheme to Momentum and Private Health Administrators. This loss forced AfroCentric to revise the deal terms for selling Activo due to the significantly altered trading position and reduced revenue. The revised disposal consideration will consist of an upfront payment of R100 million on a cash free, debt free basis and a deferred payment to be calculated on the disposal assets receivables and net debt and working capital amounts as at the closing date. A maximum earnout payment of R90 million will be based on future performance – paid six monthly over six years.
DataProof Communications will repurchase 50% of its share capital from ISA subsidiary Information Security Architects for a total purchase consideration of R62 million. The rational for the disposal by ISA is to facilitate and support small business and black economic empowerment while realising fair value for ISA shareholders.
Novus and Firm Favourite Investments 10 have amended the disposal consideration for the sale of Novus Print announced on 19 March 2026. The parties have agreed to R85 million, amended from R91,7 million. In addition, the date for the fulfilment of conditions precedent has been extended to 30 April 2026.
The suspensive conditions for the disposal by enX to Trichem SA of its remaining interest in West African International have been fulfilled with the transaction becoming unconditional on 22 April 2026.
Unlisted Companies
Norfund is to invest R160 million in the local water company Nafasi Water Technologies. The investment, alongside existing shareholder E Squared Investments, will support a sustainable platform for water infrastructure, focusing on mining-affected catchment rehabilitation, municipal water reuse, and advanced water-reclamation technologies. As part of their technology stack, Nafasi can recover useful chemicals from the sludge and effluent left over from the treatment processes. This unlocks a circular economy to span water treatment, through to valuable chemical production from waste products.
DealMakers is SA’s quarterly M&A publication.
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