Exchange-Listed Companies
Anglo American is to go ahead with a deal first disclosed in June which will see the miner combine its nuGen™ Zero Emissions Haulage Solution (ZEHS) with US specialist engineering company First Mode (the company that partnered with Anglo to develop ZEHS). In addition, Anglo will provide equity funding of US$200 million into First Mode which will accelerate the development and commercialisation of ZEHS. On completion of the transaction, the business will be valued at US$1,5 billion and Anglo American’s stake in First Mode will increase from 10% to a majority shareholding.
Jasco Electronics is in discussions with its major shareholder, Community Holdings No 1 (CIH) with regards to its intention to make a general offer to minorities to acquire the remaining shares in Jasco. The purchase offer per share of 16 cents represents a 4% premium on the 30-day VWAP of Jasco shares on 2 December 2022.
Sabvest Capital has acquired a 39.3% equity interest in Valemount Trading, a manufacturer and distributor of products for the local pet market, from R & K Trust. The equity purchase consideration will be determined in accordance with an earnings and cash/debt formula calculated on 28 February 2023.
The Premier board and its shareholders (Brait) have decided not to proceed with the initial public offer and listing of the company on the JSE due to current unfavourable capital market conditions. Rather, as noted in the pre-listing statement, Titan and RMB will, in specified proportions, acquire the unlisted ordinary shares in Premier from Brait for an aggregated consideration of R3,5 billion by way of a private sale of shares.
The deal between Murray & Roberts and Webuild announced in early November has been terminated. M&R was to dispose of its interest in Clough Australia. In terms of the deal Webuild would inject A$30 million into cash strapped Clough to avoid placing the company under voluntary administration. The implementation of the loan did not take place resulting in Clough being placed into voluntary administration.
Unlisted Companies
Montfort Group, a global commodity trading and related-asset investment company, has entered the local energy market with the acquisition of a 49% stake in New Age Energy, a B-BBEE company focused on the reliable import, export and distribution of safe and high-quality energy products. The new partnership will see Montfort introduce its brand, products and services to the South Africa market.
CodiumX, an IT investment group headquartered in Johannesburg, has acquired a stake in local data analytics company Intellinexus. The deal will help the company achieve its ambitious target of five to 10 times growth over the next two years through organic growth and acquisitions.
Swiss media group Ringier is to acquire almost all outstanding shares in Cape-headquartered Ringier One Africa Media (ROAM) from co-shareholders SEEK, and minority shareholders Jabavu and Ceatonia. The deal strengthens Ringier’s long-term investment in certain digital marketplaces in sub-Saharan Africa
Connect, a UK cloud communications expert has acquired Pivotal Data and illation as it seeks to increase its presence in the South African market. Financial details were undisclosed.
Atlantis Foods, SA’s frozen seafood distribution company, has acquired Snoek Wholesalers in a deal which will scale the company’s operations and revenue. Snoek Wholesalers represents global brands such as Marfrio and Leroy in SA and sources fish from Peru and China for processing.
Host Africa, the Cape-based hosting business leading in Cloud Server solutions in South Africa, has acquired Kenyan hosting company EAC directory. Financial details were not disclosed.
Automation startup Synatic has raised US$2,5 million in a seed extension round to grow its footprint in the US in preparation for a Series A round. The round was led by Allan Gray E-Squared Ventures and UW Venture. Synatic provides complete solutions for the data integration market, offering a low-code/no-coder/your-code solution to simplify the integration of internal and external data sources.
South African venture capital fund management firm Fireball Capital has, alongside a fund advised by the Development Partners International Fund, invested in Ukheshe International, the UK-headquartered fintech enabler.
DealMakers is SA’s M&A publication
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