DM 2025 Annual Individual DealMaker

Jesse Watson (Webber Wentzel)

Jesse Watson, a Partner in the Corporate Practice at Webber Wentzel, joined the firm as an Associate in 2010. He is one of South Africa’s pre-eminent corporate finance and capital market lawyers, with an impressive track record extending well over a decade.

His reputation is built not only on an exceptional volume of high-profile transactions, but also on his ability to make those transactions happen. Over the past 12 months, Jesse has led transactions with an aggregate value exceeding R1trn, including:

FirstRand’s $277m strategic acquisition of a stake in Optasia, concurrent with Optasia’s R6,3bn initial public offering (IPO) – the largest IPO in 2025 – and JSE listing.
Anglo American’s R85,5bn demerger of Valterra Platinum and the secondary listing on the LSE – winner of the Deal of the Year 2025 (including the accelerated bookbuild).
Anglo American’s R44,1bn accelerated bookbuild disposal of Valterra Platinum shares, representing the largest bookbuild in the history of the JSE.
Boxer’s R8,5bn IPO and listing on the JSE, implemented as part of Pick n Pay’s two-step recapitalisation plan that included a R4bn rights offer – South Africa’s largest IPO since 2017.
Prosus’ €4,1bn acquisition of Just Eat Takeaway.com, a landmark cross-border public offer requiring intricate takeover, regulatory and disclosure navigation, and its acquisition of Despegar, a leading Latin American online travel agency for c.$1,7bn.
Naspers and Prosus’ multi-year share repurchase programme valued at c.$50bn
Gold Fields’ A$3,3bn acquisition of Gold Road Resources and a US$750m bond offering.

While supported by multidisciplinary teams, Jesse’s contribution to transactions is distinguishable by the fact that he personally determines the transaction structure, regulatory strategy and execution sequencing at points where conventional thinking would either fail or materially increase execution risk. He is not only a senior leader exercising oversight, but also directly drives the transaction path.

Jesse has been described by his colleagues as an exceptional specialist in mergers and acquisitions, and in equity capital markets transactions. He is known for his ability to remain calm under pressure, possessing an astounding work ethic, and strong attention to detail.

He has deep relationships with market participants and regulatory authorities, and technical knowledge of the rules. He has demonstrated the ability to unlock regulatory approvals, manage difficult stakeholder negotiations, and keep complex, multi-step deals on schedule. Even when he is not the matter lead, Jesse continues to enable deal-making in his supporting roles within the core deal team, in relation to technical structuring and implementation matters.

Individual DealMaker of the Year

Jesse Watson

His unwavering vision, consistency, leadership and overall contributions to the majority of the highly complex and high-profile deals in South Africa has earned him wide recognition in both local and international markets. This is the fourth time that Jesse has been shortlisted for the Ince DealMaker of the Year award, previously in 2018, 2019 and 2021.

Jesse has B.Bus.Sci, Hons in Financial Economics and an LLB degree from the University of Cape Town. He also has Certificates in Advanced Company Law and Advanced Securities Law from the University of the Witwatersrand and the University of South Africa respectively.

DealMakers - 2025 Annual

Comment from the Independent Panel: Jesse’s involvement in the Valterra demerger and the Optasia listing were highlights for him in 2025. His hands-on approach to transactions and his involvement across all aspects of the transactions was impressive. The motivation to the panel showed Jesse to be a trusted adviser to his key clients.

The leading candidates (in no particular order)

Ezra Davids (Bowmans)

Ezra Davids is Chairman and Senior Partner at Bowmans. A key partner in the firm’s M&A practice, he leads teams advising clients and acts as a ‘rainmaker’ for the firm, bringing in work from across the globe.

He specialises in both domestic and cross border mergers and acquisitions, capital markets and securities law, and is the relationship partner for several of the firm’s clients. He has advised on some of the largest and most complex transactions on the African continent. Among them, the 2015 US$107bn acquisition of SABMiller by Anheuser-Busch InBev, in what is still the largest deal in South African and African corporate history.

During 2025, Ezra led Bowmans’ teams on an array of transactions involving cross-border coordination, complexity, regulatory depth and strategic impact. This included advising:

Matt Eb (Rand Merchant Bank)

Matt Eb joined the RMB Corporate Finance team in 2022 and is currently an executive in the Healthcare & Services and Consumer, Food and Agri Advisory businesses. For nine years prior to joining RMB, he was a corporate finance transactor at Rothschild & Co.

Matt has a longstanding track record of originating and executing high-profile transactions, establishing himself as a trusted advisor to multiple clients. During 2025, he led several high-profile transactions from both an origination and execution perspective, including:

Ezra Davids

Teck Resources on its merger with Anglo American to form a global critical minerals champion valued at c.$53bn.
Canal+ on its acquisition of the MultiChoice Group (winner of Deal of the Year 2024) and the subsequent carve-out in 2025 into a new entity, LicenceCo, for all the South African broadcasting licences and contracts with local subscribers. This deal was shortlisted for the Exxaro BEE Deal of the Year 2025.
Natco Pharma’s $211m take private of Adcock Ingram.
Cell C on the restructuring of its trade and financial creditors.
Renergen on its acquisition by NASDAQ-listed ASP Isotopes by way of a scheme of arrangement valued at R1,9bn.

Ezra is widely respected across the M&A and financial community, by peers, clients and international counterparts alike. He is recognised for his commitment to his clients and for achieving an optimal outcome for them, and for his unshakeable commitment to broader societal impact. Though he is pragmatic and cuts swiftly to the heart of matters, he achieves this with a grace that defuses what might otherwise be problem areas.

Eza was recognised as the Individual DealMaker of the Year by DealMakers in 2009, and was a shortlisted nominee in 2024.

Originally from De Aar in the Northern Cape, Ezra has a BA LLB from the University of Cape Town, a Higher Diploma in Tax from the University of the Witwatersrand, and a certificate in the Leadership of Law from Harvard University. He is the Chair of the Private Equity sub-committee of the Corporate and M&A Committee of the International Bar Association.

Comment from the Independent Panel: Ezra was involved in numerous high-profile deals, with specific involvement in the Natco Pharma, Anglo American, Cell C and Canal+ transactions during 2025.

Matt Eb

Aspen Pharmacare’s A$2,4bn (R26,5bn) sale of 100% of its equity interests and intellectual property assets in Australia, New Zealand and other Asia Pacific regions (excluding China) to Australian-based private investment firm, BGH Capital. Matt led the RMB team, taking overall responsibility for the seamless integration of the financial advisor, corporate broking and JSE sponsor workstreams, as well as regulatory advice relating to multiple SARB and exchange control considerations. He advised on the positioning of the transaction to shareholders and the market, and the ultimate application and use of the proceeds.This deal was shortlisted for the Brunswick Deal of the Year 2025.

On the Life Healthcare sale of its interest in Life Molecular Imaging (LMI) to NASDQ-listed Lantheus Holdings for US$750m (R14bn), Matt fulfilled the role of key financial adviser to Life Healthcare. The complex transaction required the development of an innovative earnout structure that would allow Life Healthcare to participate in the future revenue of products, both approved and others, that are currently at various stages of development and clinical trials, while incorporating a management incentive structure and complex flow of funds required to compensate the original owners of LMI, based on their economic interests.

The transaction included significant jurisdictional complexity, with the buyer based in the US, LMI headquartered in Germany – with operations in the US – and the shareholder, Life Healthcare, based in South Africa. In addition, as a category 1 transaction, shareholder approval was required.

Matt led the team advising Tiger Brands on its exit of its 24.4% stake in Empresas Carozzi to its Chilean parent in a deal valued at $240m (R4,4bn). The sale formed a significant step in Tiger Brands’ wider reshaping of its portfolio business. The sale followed a detailed capital allocation assessment and multiple disposals in 2024, which Matt also led, including the sales of Baby Wellbeing (R605m) and Home and Personal Care non-core brands (R135m).

In 2024, Matt led the RMB team that advised RCL Foods on the highly complex separation of Rainbow Chicken, and the subsequent R3,25bn listing on the JSE. In the previous year, he played a key role in leading the team that co-advised Life Healthcare on the sale of their interest in Alliance Medical Group.

Matt matriculated from Hilton College and graduated from the University of Cape Town with a BSc (Honours) in Economics.

Comment from the Independent Panel: Matt led the advisory team on the Aspen APAC and Life Molecular Imaging deals, amongst other transactions.

Richard Stout (Standard Bank)

Richard Stout joined Standard Bank in 2016, and is Head of Equity Capital Markets (ECM) South Africa and sub-Saharan Africa. He has over 25 years of ECM experience, having worked for Citigroup, Barclays Africa and Standard Bank in London, Hong Kong and Johannesburg respectively.

Richard has covered the South African market since 2003, during which time he has advised clients on the raising of more than 20% of all capital raised on the JSE for the period. He has executed transactions that have raised over US$80bn across more than 25 markets across Europe, Africa and the Middle East.

Key clients for whom he has acted include Anglo American, Glencore, Gold Fields, AngloGold Ashanti, Impala Platinum, Aquarius Platinum, Naspers, Sanlam, Ibex, Dis-Chem, The Foschini Group, Pepkor, Pick n Pay, Boxer, Bidcorp, SABMiller, Libstar, Sea Harvest, Brait, Brimstone Investment Corporation, Southern Palace, Optasia, Karooooo, City Lodge, Imperial, Bidvest, Metair, PPC, Omina, Nampak, Hyprop Investments, Liberty Two Degrees, Dipula Properties and SA Corporate Real Estate Fund.

Comment from the Independent Panel: Richard has led the Standard Bank team during a busy year of capital raisings, including Optasia, Valterra and Karooooo.

Richard Stout

In 2025, Richard led three significant transactions totalling almost 60% of all equity raised on the JSE during the year:

The accelerated bookbuild by Anglo American of its remaining 19.9% stake in Valterra, following the expiry of the 90 day lock up period, valued at R44,1bn ($2,5bn). The offer was oversubscribed multiple times over. This marked the largest accelerated bookbuild in South African history.

Optasia’s R6,5bn initial public offer (IPO), representing the largest fintech listing on the JSE and concurrent R4,7bn placement to FirstRand. The IPO created a platform from which Optasia can now pursue its growth strategy on an accelerated basis to the unbanked and underbanked across the African and Asian markets in which it operates. Deal complexity arose as it was seen as a new sector gaining representation on the JSE, as well as the fact that the FirstRand transaction was concluded as an off-market bilateral transaction concurrent with the IPO.

The $75m secondary placement in NASDAQ- and JSE-listed Karooooo.

As deal lead, Richard was accountable to the client for delivering advice relating to the structuring, positioning, marketing and pricing of each transaction. He is well regarded within the market for his extensive experience and market insights, and is viewed as a hands-on player, taking responsibility for origination and execution of major capital markets transactions across the region. In addition, he coordinates the efforts of the wider corporate finance coverage, financing and equity sales, trading and research teams within Standard Bank. He was a shortlisted nominee in 2016.

Richard is a regular participant in the JSE’s marketing efforts, both locally and internationally, and assists the JSE-led Operation Phumelela task force. He was schooled in the UK, graduating from Durham University with a Bachelor of Arts, and obtaining a Master of Liberal Arts from Harvard University.

Paul Bondi (Rothschild & Co)

Paul Bondi is Managing Director and Co-Head of Global Advisory at Rothschild & Co in South Africa. He has 27 years of industry experience, entering the banking space after completing his articles with Grant Thornton (Kessel Feinstein, as it was then).

Over the past three years, Paul has worked on several high-profile deals and transactions. He was strategic and financial adviser to Sasfin on the options available to reposition the group, and its subsequent delisting from the JSE. In 2022, he was adviser to Kenyan supermarket chain Naivas on the disposal of a 40% stake to an IBL-led consortium in a deal that valued the retailer at approximately US$379,9m. That same year, he advised Pepkor on its acquisition of an 87% stake in Brazilian Grupo Avenida in a transaction valued at $228m, and in 2024, the Actis-led consortium on its R6.75bn acquisition of Swiftnet from Telkom.

He led the team advising the Ackerman Family – the founding family and anchor investor of Pick n Pay Stores – in relation to the family’s majority shareholding in the business, to assess strategic options available to maximise value. His 2024 transactions included R1,1bn in equity funding through a rights offer, supporting the separation and initial public offering of Pick n Pay’s subsidiary, Boxer Retail and, more recently in 2025, on crystalising value from the sale of a c8.5% stake in Pick n Pay via an accelerated book build, resulting in a transaction value of R1,63bn.

Paul Bondi

During 2025, Paul led the Rothschild & Co deal team on the landmark African bottling transaction for The Coca-Cola System, which saw Coca-Cola HBC acquire 75% in Coca-Cola Beverages Africa (CCBA) from The Coca-Cola Company and Gutsche Family Investments. The deal was his fourth major transaction involving CCBA, after advising SABMiller on the three-way merger to create the business in 2016. He led the SA team, focusing on the transaction strategy, negotiation tactics, and extensive due diligence across 14 African countries. He contributed critical insights in the valuation process, negotiating legal documentation and designing a strategic stakeholder engagement strategy critical to securing regulatory approval. The deal was shortlisted for the Deal of the Year 2025.

This is the second time that Paul has been shortlisted for Individual DealMaker of the Year; the first was in 2014.

Comment from the Independent Panel: Paul’s role as adviser to The Coca-Cola Company on its sale of CCBA to Coca-Cola HBC was a particular highlight.

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