Exchange-Listed Companies

PPC’s wholly-owned subsidiary PPC International is to dispose of its 51% stake in CIMERWA (Rwanda) for US$42,5 million. CIMERWA, which is listed on the Rwanda Stock Exchange, will be purchased by a privately-owned company, National Cement Holdings, which is part of the Devki group, one of the largest manufacturers of clinker and cement in East Africa.

Burstone Group (formerly Investec Property Fund) has, via its newly formed Australian joint venture with Irongate Group, acquired its first industrial property in New South Wales, Australia for A$57,25 million. The Irongate joint venture will provide the 20% co-investment equity, alongside APAC-focused private equity real estate investment group Phoenix Property Investors (80%), and the fund management capabilities for the deal.

Delta Property Fund has entered into an agreement with Slip Knot Investments to dispose of a property at the corner of CJ Langenhoven Drive and Cape Road in Gqeberha for R33 million. The disposal is part of Delta’s ongoing strategy to dispose of non-strategic assets. The proceeds will be used to reduce debt and the Loan to Value (LTV) by 0.2% from 61.4%.

Unlisted Companies

Payments24, a South African global payments platform provider specialising in payment and loyalty solutions in the digital and fuel payment ecosystem, has invested in Inergy 24, a Swiss-headquartered European-based technology service provider. The two businesses collectively will provide customers throughout Europe access to the Pay24 platform including fleet management, loyalty and rewards, mobile, retail and electric vehicle payments and Cloud Switch solutions.

24 Bit Games, a Unity focused technical game development studio based in Johannesburg, has been acquired by Annapurna, an American video game publisher and developer. The companies have worked together for many years and this next chapter will enable 24 Bit Games to grow its development team and existing technology toolkits for its client base and future projects.

Kgodiso Development Fund, an independent fund founded by PepsiCo South Africa, has invested into agri-tech digital platform Khula! The platform enables small and medium-sized agricultural enterprises, commercial farmers and distributors to participate in the agricultural value chain. The undisclosed investment will be used by Khula! to develop innovative ways to sustainably finance emerging farmers.

The asset management firm Anchor Capital is to merge with London-based boutique wealth manager Credo. The combined entity will have assets under management of R230 billion with Anchor shareholders owning 80% of the combined entity.

Springs Car Wholesalers (SCW Group) has acquired the SANI Car Rental brand and will operate as franchisees under the brand in South Africa and Namibia. Financial details were undisclosed.

DealMakers is SA’s M&A publication.
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