Who's doing what this week in the South African M&A space?
Exchange Listed Companies
- Sanlam (JO: SLMJ )'s release this week detailing the creation of a pan-African joint venture with Allianz (ETR: ALVG ) SE, fleshes out its cautionary announcements to the market first made in December 2021. Sanlam operates in 30 countries and Allianz in 11 countries. Sanlam will hold a controlling 60% stake in the joint venture which will hold the two parties' African operations (excluding South Africa). The joint venture has a minimum period of 10 years and Allianz can increase its stake from 40% to 49% overtime. The equity value of the joint venture is c."2 billion (R33 billion). Sanlam's operations in Namibia will not be included initially. Also excluded are the non-African operations in India, the Middle East and Malaysia. The transaction enables Sanlam to enhance its capabilities in existing markets and expand its footprint and market leading positions in certain key jurisdictions on the African continent. In addition to this, Sanlam subsidiary Santam (JO: SNTJ ) will dispose to Allianz its 10% interest in SAN JV for c.R2 billion. If successful, Allianz will contribute this newly acquired 10% stake to the new joint venture with Sanlam.
- Datatec (JO: DTCJ ) subsidiary Analysys Mason, has acquired Northern Sky Research, a global provider of satellite and space market research and consulting services for an undisclosed sum. The acquisition places Analysys Mason in a strong position within this field to advise clients.
- Equites Property Fund (JO: EQUJ ) has announced the sale by its subsidiary Equites Newlands Group, of undeveloped land at Plots 2 and 3, Equites Park in Basingstoke, UK for a purchase consideration of 48,5 million (R969 million) to Promontoria Logistics UK 6.
- Universal Partners (JO: UPLJ ) has alerted shareholders to a firm intention offer by Glenrock Lux PE No1 and Glenrock Lux PE No2 for a cash consideration of R18.63 per share. The parties collectively hold a 34.01% stake, following the acquisition of 24,75 million shares, and are as a result making a mandatory offer to shareholders. The company has a primary listing on the SEM and a secondary listing on AltX.
- EXEO Capital is to acquire a majority stake in Chemical Process Technologies, the sole manufacturer of animal active pharmaceutical ingredients on the African continent. The investment by EXEO is a strategic move aligned with its Agri-Vie Fund II to invest in scalable businesses within the sub-Saharan agricultural and food value chains.
- GoMetro, a logistics tech platform, has raised R16,3 million in a seed extension round from venture capital firms Kalon Venture Partners, Hlayisani Capital, Tritech Global and 4Decades Capital. The funds will be used to scale its innovative tech platform, product engineering and development within South Africa and into the UK and US markets.
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