The Ansarada DealMakers Annual Awards are just a few weeks away. The following are those deals shortlisted for the Brunswick Deal of the Year 2021. The DealMakers Independent Panel have selected these deals from the nominations submitted by the M&A industry advisers. They are, in no particular order:
Prosus/Naspers voluntary share exchange offer
The internet company announced in May its plans to acquire up to 45.33% of the issued Naspers (JO: NPNJn ) ordinary shares in a share swap with the aim of reducing the discount gap between Naspers and the value of its underlying investments, particularly its stake in Tencent (HK: 0700 ). The transaction's objective was to reduce Naspers' approximate weighting on the JSE from 23% to around 13%. The swap increases the Prosus (JO: PRXJn ) holding in Naspers to 49.5% while Naspers retains control of Prosus with a 57.2% stake. The proposal was not without its difficulties with asset managers airing concerns about its complexity and the ultimate value-add for shareholders.
Heineken International's acquisition of Distell (JO: DGHJ )
The complex deal, two years in the making, will see Distell combine its cider, ready-to-drink-beverages and spirits and wine business with Heineken's mostly beer interests into an unlisted public holding company Newco (of which Heineken will own a minimum of 65%). A separate business Capevin will hold the remaining assets including the Scotch whisky spirits business for which Heineken will make an offer for a minority shareholding of up to 37%. The initial restructure of Distell, the unbundling of the Capevin stake and the subsequent scheme of arrangement which involves both cash and shares in an unlisted entity, provide Distell shareholders with no less than six different election outcomes.
The local advisers to the deal were: Rand Merchant Bank, KPMG, ENSafrica, Webber Wentzel, Cliffe Dekker Hofmeyr, PwC, BDO and Deloitte
Vodacom's acquisition of a 55% stake in Vodafone (LON: VOD ) Egypt
The R41 billion share and cash deal for a controlling stake in Egypt's largest network operator from Vodafone will generate clear benefits for all parties involved. Vodacom will expand its reach beyond its key markets, scale its multi-product strategy to a largely unbanked population, and benefit from attractive synergies in big data capabilities. The single transaction is expected to diversity and accelerate Vodacom's medium-term operating profit growth potential into double digits. The transaction will simplify the management of Vodafone's African holdings and increase its interest in Vodacom to 65.1%.
The local advisers to the deal were: UBS, Goldman Sachs, Vunani Sponsors, ENSafrica, Webber Wentzel, PwC, EY and Deloitte
The Ansarada DealMakers Annual Awards will take place on Tuesday 22 February 2022. Venue: Ballroom, Sandton Convention centre. Join us in celebrating the achievements of SA's corporate finance industry.
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