Listed Companies
South32 has entered into a binding conditional agreement to dispose of its global aluminium value chain to Alcoa, an American industrial corporation producing aluminum. The transaction, with an implied enterprise value of up to US$5,6 billion, will see Alcoa acquire South32’s interests in Worsley Alumina (86%), Hillside Aluminium (100%), MRN bauxite mine (33%), Brazil Alumina refinery (36%) and Brazil Aluminium smelter (40%). Excluded from the transaction is Mozal Aluminium which remains on care and maintenance. Alcoa will pay an upfront consideration of $3,1 billion, $1,08 billion in Alcoa shares, will assume $750 million in net debt and lease liabilities and pay a further $750 million if alumina and aluminium prices exceed agreed thresholds over the next four years. The divestment repositions South32 as a pure-play, upstream base metals producer predominantly in copper and zinc.
Labat Africa is to acquire an additional 24.45% stake in Classic International for a purchase consideration of R27 million to be settled through the issue of 900 million Labat shares at an issue price of R0,03 per share. The additional stake will result in Labat holding a 100% shareholding in the business. Classic provides high-performance computing hardware, AI-driven analytics capability and disruptive engineering solutions designed to improve operational efficiency in complex enterprise environments.
In terms of the proposed scheme of arrangement, Brikor will buy back a maximum of 116,1 million shares at 17 cents per share for an aggregate R19,7 million. The offer excludes Nikkel Trading 392 and the Brikor Share Incentive Scheme. The high costs of maintaining a public listing and the persistent illiquidity of its shares were cited as the primary reasons for its exit.
In April, Clientèle announced the proposed delisting of the company by way of a conditional offer effected through a pro rata repurchase of shares. The offer, in respect of no more than 36,261,776 offer shares at R19.90 per share closed this week with acceptances of 21,097,797 shares for an aggregate R419,85 million.
Vodacom has updated shareholders on its acquisition of an additional 20% stake in Safaricom announced in December 2025. Conditions precedent have been fulfilled and the acquisition is effective as of 30 June 2026.
The disposal agreement of the Arlington Property for a cash consideration of US$30 million announced by PPC in August 2025 has lapsed with the agreement becoming null and void. The disposal consideration did not occur by the extended longstop date of 30 June 2026. The property remains a non-core asset for the company.
Zeder Investments has extended the long stop date of its announced February 2026 disposal of Zaad to 30 November 2026 from the initial 31 July 2026.
Unlisted Companies
Differential Capital and its consortium of investors have taken an equity stake in the mining division of Murray and Roberts (in business rescue) for R1,27 billion. The business rescue plan was approved in April 2026, and the transaction was completed on 25 June 2026, securing the transfer of numerous local and foreign subsidiaries in South Africa, Canada, Australia, Portugal and Chile among others. The transaction has preserved 2,600 jobs and safeguards vital mining capabilities.
Strategic Transfer Solutions (STS), a global insurance and reinsurance broker, has acquired 100% of Aircraft Risk Company (ARC), an aviation brokerage, marking an expansion into the aviation specialist area. Beyond Africa, STS will scale its footprint into Europe, Latin America and Asia in which ARC will play a meaning role in its global strategy. For the meantime ARC will continue to operate under its existing brand.
Infra Impact Investment Managers (IIIM), through its Mid-Market Infrastructure Fund I, has acquired a minority shareholding in Cape Town Biogas, an organic waste processing facility. The stake was acquired from Metier Sustainable Capital Fund II, which remains the controlling investor. Cape Town Biogas utilises leading anaerobic digestion technology to process 250 tonnes of organic waste per day into three valuable outputs – Compressed Biomethane, Renewable Beverage-Grade Carbon Dioxide and valuable agricultural inputs.
Preference Capital has received a R350 million capital injection from Titan Premier Investments. Preference Capital supports businesses generating up to R1 billion in turnover, offering unsecured loans from R100,000 to R7 million and secured facilities to a maximum of R60 million.
Mauritian headquartered private equity firm Adena Partners has acquired a majority stake the Minet Group, a South African-based pan-African risk insurance adviser. Minet provides insurance brokerage, risk advisory, and employee benefits solutions to a diverse base of clients, including corporates, SMEs, and institutions across nine African countries. The stake was acquired from private equity investor Capitalworks. Financial details were undisclosed.
South African non-profit organisation Afrika Tikkun Group has disposed of its advisory, recruitment, training and placement company Afrika Tikkun Services. The disposal, to a consortium, will allow the Group to build and focus on its model for child and youth development. Afrika Tikkun Services will change its name to ATS and will operate independently under the new ownership. Financial details were not disclosed.
Maia Capital Partners has provided R150 million in mezzanine debt financing to Nesa Power, a commercial and industrial solar and battery storage developer. The funding will be used as growth capital to acquire solar photovoltaic project sites and expand Nesa’s portfolio of long-term power purchase agreements.
African International Schools network, Enko Education, has entered the East African market through the acquisition of Kitengela International Schools (KISC), a group of seven schools across three campuses in Kenya’s Kitengela region. KISC will retain its name, identity and day-to-day operations.
DealMakers is SA’s quarterly M&A publication.
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