Listed Companies
Standard Bank is reportedly in early-stage negotiations to acquire a minority stake in the Nigeria-focused fintech platform OPay. This move aims to deepen the bank’s footprint in the rapidly expanding African digital payments and mobile-lending sectors. The potential investment comes as OPay prepares for its initial public offering on Wall Street, targeting a valuation of c.US$4 billion.
Balwin Properties has received shareholder approval for the PIC-backed buyout and delisting of the business. The deal announced in May this year, offered shareholders R4.35 per share implying a value for the company of R2,3 billion. The deal is expected to be implemented by 19 October with delisting from the JSE and A2X effective October 20, 2026.
Combined Motor Holdings (CMH) is to acquire various properties the company currently rents from related parties. CMH will acquire 13 properties in Gauteng and KwaZulu-Natal for R745 million – a 4.5% discount to the value attributed to the assets in April 2026.
KAP has restructured its October 2025 Southern Cape forestry transaction due to the non-fulfilment of original merger conditions. Under the newly revised, binding agreement, PG Bison Southern Cape will now be sold to Cape Pine Investment Holdings (CPIH). This restructured deal gives CPIH an 88.68% stake in MTO Forestry. CIPH will, in turn, be a wholly-owned subsidiary of Cape Forest Products – which will be 49% held by PG Bison and 51% held by Wild Peach Investments. The transaction scheduled to close on 1 October 2026.
Unlisted Companies
Yellow, a fintech providing asset-backed credit for smartphones and off-grid solar products across sub-Saharan Africa, has closed a Series C funding round led by Convergence Partners and Susquehanna Sustainable Investments. The funding will be used to broaden its impact on the continent
HR tech startup Jem has raised US$8,4 million in a Series A funding round led by Quona Capital. University Technology Fund, E4E Africa, Next176 and a group of angel investors also participated in the round. The Cape Town-based firm will use the funding to expand its workforce management platform. The company was founded in 2019 as SmartWage and rebranded in 2022.
DealMakers is SA’s quarterly M&A publication.
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