Exchange-Listed Companies
In a bid to double its facilities management operations in Australia, Bidvest has acquired Consolidated Property Services (CPS) for an undisclosed sum from private shareholders. CPS provides integrated property services to more than 145 sites across Victoria, New South Wales and South Australia. With current management having signed services agreements the company says the deal will be earnings and return accretive to Bidvest.
Zeder Investments subsidiary Zeder Financial Services, which holds a 92.98% stake in the Capespan Group, is to dispose of Capespan excluding its pome fruit primary production operations and the Novo fruit packhouse. The acquirer, 3 Sisters, is a special purpose acquisition vehicle owned and funded by Agrarius Agri Value Chain, which is administered and driven by 27four Investment Managers. Zeder will receive R511,39 million for its stake while minority shareholders will receive R38,6 million for a 7.02% interest. As part of the disposal, Zeder will conclude a strategic relationship with Capespan in respect of the marketing and distribution of Pomme Farming Unit’s crops.
The mandatory offer of R6.41 per enX share by African Phoenix Investments to minority shareholders closed on 15 September 2023 with acceptances in respect of 0.27% (495,846) of the company’s issued share capital. African Phoenix now holds a 49.07% stake in enX.
Mondi plc has entered into an agreement to sell its last remaining facility in Russia to Moscow-based real estate development company Sezar Group. In August 2022 the company announced the sale of Mondi Syktyvkar to UK’s Augmented Investments for a purchase consideration of €1,5 billion. However, the deal failed in June this year due to “lack of progress” in gaining the necessary approvals to complete the transaction. Sezar will pay a total cash consideration RUB80 billion (c. €775 million/R15,7 billion). Mondi intends to distribute the net proceeds from the disposal to shareholders.
OUTsurance has exercised an option to acquire, for A$42,5 million (R518,5 million), the remaining 2.65% stake in Youi held W Roos, a member of the team which started Youi in 2008. The company acquired the first 2.65% stake in March this year for A$36 million.
Telemedia, a subsidiary of Rex Trueform, has entered into two agreements to acquire properties. The Telelet portfolio, consisting of eight properties, will be acquired for R50 million and the acquisition of 27 Landau Terrace in Melville, a related party acquisition from the Bretherick Family Trust, for R1,5 million.
AngloGold Ashanti has agreed to sell its 50% indirect interest in the Gramalote Project in Columbia to Canadian miner B2Gold for a total consideration of up to $60 million (R1,1 billion). AngloGold Ashanti will receive a cash payment of $20 million at the transaction close with the balance dependent on project construction and production milestones. The Gramalote project is a joint venture between the two companies.
Unlisted Companies
Saint-Gobain Construction Products South Africa, the subsidiary of the French headquartered leader in light and sustainable construction, is proposing to acquire local specialist epoxy, polyurethane flooring and construction solutions company Technical Finishes SA. Financial details were undisclosed – the deal is pending regulatory approval.
DealMakers is SA’s M&A publication.
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