M&A.jpg
M&A Pulse - Large.jpg

The weekly roundup of M&A activity by SA companies. 

Released weekly in M&A Pulse and Ghost Mail

15 September 2022

Exchange Listed Companies

UK-based Metropolitan Gaming has sold its stake in Emerald Resort and Casino to a consortium controlled by Tsogo Sun. Financial details were undisclosed.

Labat Healthcare (Labat Africa) has via its subsidiary Lima Romeo Air which trades as Sweet Waters Aquaponics, entered into a joint venture to establish an extraction facility with Continental Extracts a subsidiary of California-based Caliboyz. Continental has also entered into an agreement to secure the offtake which will be exported through the JV under the existing Sweet Waters export license. 

Motus has disclosed it is close to finalising the acquisition of a foreign aftermarket parts business in a jurisdiction in which it operates. Further details on the acquisition are expected to be announced in early October but Motus expects the purchase consideration to be between R3,7 billion and R3,9 billion.

Stefanutti Stocks has disposed of its businesses in Mozambique and Mauritius to CCG-Compass Consulting for an aggregate amount of R113,18 million. The proceeds will be applied to the reduction of debt in accordance with the group’s restructuring plan.

Unlisted Companies

Bidorbuy, the online shopping and auction marketplace, has merged with logistics provider uAfrica to form a new company Bob Group.

Alstom, the French rolling stock manufacturer, has acquired the assets for the manufacturing of car body shells from TMH Africa for an undisclosed sum.

8 September 2022

Exchange Listed Companies

The Industrial Development Corporation (IDC) is to become a 43.75% shareholder in New Okiep Mining (NOM) alongside Orion Minerals which will hold the remaining 56.25% stake. NOM will acquire the prospecting and mining rights from Southern African Tantalum Mining (SADTA) in which the IDC is a 43.75% shareholder. The IDC will then sell 22.22% of its shares in NOM to BEECo, an entity led by Lulamile Xate. Community and Employee Trusts will each acquire a 5% economic participation interest in NOM, resulting in a B-BBEE ownership of approximately 30%.

Old Mutual has acquired 100% of licensed non-life insurer Generic from various parties including RH Bophelo. The 30% stake held by subsidiary RH Financial Services was disposed of for a cash consideration of R90 million. Details of the consideration paid for the remaining 70% was undisclosed.

The August 2021 deal announced between Shoprite and Massmart for the sale by Massmart of its Rhino Cash and Carry and Cambridge Food businesses, the Fruitspot business and Massfresh Meat business and 12 Masscash Cash and Carry stores has hit a stumbling block. The R1,63 billion deal has been objected to by the Spar and Pick n Pay in a submission to the Tribunal claiming that if the discount brands were sold to Shoprite, it would lessen competition in the market and create a dominate retailer.

Unlisted Companies

Swedish firm Epiroc, a productivity and sustainability partner for the mining and infrastructure industries, has acquired local mining equipment manufacturer AARD in a deal where financial details were undisclosed.

GardenRouteMan Auto, a black-woman-owned heavy truck dealership, has received an investment of R13,5 million from Volkswagen South Africa’s B-BBEE Initiatives Trust.

Host Africa, a provider of Cloud Server solutions in South Africa, has acquired DigiServ Technologies, a South African web hosting provider and the leader in low-cost web hosting. Financial details were undisclosed.

TSK Interiors, a local black-owned commercial interior fitout and construction company, has received an undisclosed investment from the Vumela Fund. The funding will be used to scale the business by providing liquidity to capitalise on larger and more resource-intensive opportunities.

Octiv, a local gym management software platform, has closed an eight-figure series A funding round led by Knife Capital. Funds will be used to further scale the business internationally. Octiv has a presence in 27 countries, predominantly in Europe with a membership of over 60,000.

South African healthtech startup BusyMed, has raised undisclosed funding to scale the business and further improve access to pharmacies by improving its technology stack to offer automated and optimised digital healthcare services.

2 September 2022

Exchange Listed Companies

Majority shareholder Walmart has released details of a firm intention offer to acquire the remaining 47.22% stake in Massmart in a deal worth c.R6,4 billion. The offer of R62 per share represents a premium of 68.7% to the 30-day volume weighted average price as at closing share price on August 26, 2022. Should the scheme not become operative, a standby conditional offer would take effect.

Huge Group has announced a series of agreements for the acquisition of the Interfile Group, a software company which develops and licences its own software. Huge will acquire a 30% stake from the Msemu Investment Trust for R30 million and a 14% stake from Aloecap Private Equity for R14 million. The company is also finalising the acquisition of Gurb Investments’ 25% stake and the founder’s 6%. As part of the transaction Interfile will bring on board a new BEE partner in YW Capital (also acting as transactional adviser to the deal). The management team will hold 5%. Further information in respect of these transactions will be released in due course.

 

Grindrod Shipping has warned shareholders it is in discussions with LSE-listed Taylor Maritime Investment in relation to a non-binding proposal to acquire the entire issued share capital of the company. The tender offer is for a consideration of US$26 per share representing a cash price of $21 per share in conjunction with a special cash dividend of $5 per share.

Master Drilling Mining Services (MDMS), a subsidiary of Master Drilling, has exercised a call option to acquire a further stake in the A&R Group. In July last year MDMS acquired a 25% stake in the engineering group providing mining solutions, training and products for R78,6 million. MDMS latest acquisition at an estimated cost of R129,4 million will increase its stake in the A&R Group to just above 51%. The purchase price is capped at a maximum of R240,1 million.

Zeder Financial Services, a subsidiary of Zeder Investments, is to dispose of Zeder Africa to ForAfrica Forestry for a disposal consideration of R160 million. Zedar Africa has as its sole asset a 55.62% stake in Agrivision Africa, whose principal activity is the production and milling of agricultural grain produce in Zambia.

Cognition is proposing to sell its 50.01% stake in Private Property to BetterHome Group, ooba and Fledge Capital in a deal worth R150 million. The rational for the sale is the belief that Private Property may benefit from a more industry-aligned shareholder base with the ability to accelerate the growth of its revised strategy.

The April 2022 acquisition by Afristrat Investment of Crosscorn from SATF for a purchase consideration of US$5 million, has been cancelled by mutual consent. The reason for the termination of the deal is that given Afristrat’s recent suspension on the JSE, it is no longer able to issue the shares to satisfy the equity component of the purchase price.

Unlisted Companies

Africa Bank, as the successful bidder, has acquired the majority of financial services provider Ubank’s disclosed assets and liabilities. Ubank has a presence in the mining sector and a distribution footprint that compliments African Bank’s existing national offering and feeds into its push to diversify funding sources. The parties have agreed on a total cash consideration payable of up to R80 million.

Nyanza Light Metals, a manufacturer of titanium dioxide pigment and other co-products, has received an initial US$3 million investment from Lagos-headquartered Africa Finance Corporation which will go towards the completion of its plant in Richards Bay Industrial Development Zone – taking the US$550 million project to financial close in H1 2023.

25 August 2022

Exchange Listed Companies

Richemont is to dispose of a 50.7% stake in its loss-making online luxury and fashion retailer YOOX NET-A-PORTER (YNAP). Italian FARFETCH will acquire a 47.5% stake and Symphony Gold, Mohamed Alabbar’s investment vehicle a 3.2% stake, resulting in YNAP becoming a neutral distribution platform in a move to facilitate a shift towards a hybrid retail-marketplace model. Richemont announced it was impairing €2,7 billion (R45,6 billion) in its YNAP Investment. The deal will see Richemont holding an approximate 12% stake in FARFETCH and will, depending on profit targets met, receive an additional US$250 million worth of shares at the end of five years. In addition, FARFETCH may increase its ownership in YNAP shares to 100% through a put and call option mechanism.

Prosus has announced the acquisition of the remaining 33.3% stake in iFood, a platform business which includes grocery, quick commerce and fintech, from minority shareholder Just Eat. The cash consideration payable is €1,5bn (R25,5 billion), plus a contingent consideration of up to a maximum of €300 million in cash depending on a re-rating of the food delivery sector.

MiX Telematics, via its North American subsidiary, has acquired the Field Service Management (FSM) business from Trimble for a total minimum consideration of $6,7 million. The North American operations of FSM include the sale and support of telemetry and video solutions that enable back-office monitoring and visualisation for fleet services management in several industries.

SEM-listed Universal Partners, which has a secondary listing on the JSE’s AltX, has disposed of its entire shareholding in Dentex Healthcare, a consolidation platform focused on private dentistry in the UK. The acquiring party, Portman Dental Care, is the largest private dental consolidator in the UK, with a growing presence in Europe.

The general offer by Raubex to acquire the remaining 38.32% stake in Bauba Resources for a cash consideration of R0.42 per share, closed on August 19, 2022. The offer was accepted in respect of 99,64 million shares constituting 13.29% of the total issued share capital of the company. Raubex now holds 74.97% of the company which delisted from the exchange on August 23, 2022. Shareholders not accepting the offer now own shares in the unlisted company.

The R650 million deal struck between Afrimat and sellers Aquila Steel (Aquila Resources) and Rakana Consolidated Mines for the acquisition of the Gravenhage manganese mining right and associated assets in May 2021 will no longer take effect. Reasons given by Afrimat were that all conditions precedent were not fulfilled by end date August 20, 2022. In particular, the granting of the Water Use License Application was not fulfilled.

Unlisted Companies

Sango Capital, a local investment management firm, has made a minority investment in Sundry Markets, a Nigerian grocery retailer operating through the ‘market square’ brand. The investment was made alongside Africa-focused investment company Tana Africa Capital.

Mergence Investment Managers, through its infrastructure and development fund, has taken a controlling stake in the affordable rental housing group Live Easy.

The Cape Town Stock Exchange (CTSE) has raised R85 million in a funding round led by venture capital investment company founded by Capitec Bank and Empowerment Capital investment Partners, Imvelo Ventures. Also participating in the round were existing investors, Lebashe Investment, Pallidus Alternative Investments, Shaolin Investments and Gary Strobel. Proceeds of the capital raise will be used to fund ongoing growth and expansion.

18 August 2022

Exchange Listed Companies

Novus subsidiary Novus Print has concluded an agreement to acquire Pearson plc’s 75% stake in Pearson South Africa for a base consideration of R829,4 million. The remaining 25% stake is held by BEE partners Sphere RB Investments and Pearson Marang Education Trust whose stake will remain in place following the conclusion of the acquisition. Within the Pearson SA stable are the print materials and CAPS-approved textbook publishers Heinemann and Maskew Miller Longman. The acquisition is a category 1 transaction.

 

Lonmin UK, a wholly owned subsidiary of Sibanye Stillwater has disposed of its majority stake in Lonmin Canada (Loncan) to Ontario-headquartered Magna Mining, valuing Loncan’s assets, which include the Denison project and Crean Hill mine, at C$16 million.

Mondi plc is to sell its Russian pulp, packaging paper and uncoated fine paper mill Mondi Syktyvkar to Augment Investment for a consideration of RUB95 billion (c.€1,5 billion). The category 1 transaction will require shareholder approval. In a separate transaction, Mondi has agreed to acquire the Duino mill near Trieste in Italy from the Burgo Group for a total consideration of €40 million. The containerboard machine in operation at the mill will strengthen the groups backward integration in corrugated packaging.

Fortress REIT shareholders have rejected the proposed scheme by the Board to repurchase all the Fortress A shares held, in consideration for the issue of 3.01281 Fortress B shares for every Fortress A share held. This, despite the fact, that prior to proposing the scheme the company engaged extensively with shareholders of both A and B shares on the need to collapse the dual share structure, warning that failure to do so would lead to the loss of REIT status which requires certain distributions of income.

The acquisition by SGT Solutions (40% owned by Ayo Technology Solutions and 60% held by African Equity Empowerment Investments) of Italian Summer, a company in the power management and backup solutions industry, has been terminated. The reason given for the immediate termination is the unfulfillment of conditions precedent.

Unlisted Companies

Seriti Resources has reached financial close on its acquisition of a majority stake in wind-powered renewable energy company Windlab Africa. The acquisition, through its subsidiary Seriti Green, consists of 100% of Windlab South Africa and 75% of Windlab East Africa. Windlab Africa is valued at c. US$55 million (R892 million). As part of the transaction involving debt and equity, RMB and Standard Bank have each taken a 14.5% stake in Windlab Africa for transaction considerations of US$5,8 million (R95,1 million).

Pretoria-based veterinary pharmaceutical company Afrivet Southern Africa has been acquired by US animal health distributor Bimeda. Afrivet also operates in Zambia and Mozambique while Bimedia has a long-established presence in Africa. Financial details were undisclosed.

City Logistics and private equity firm Clearwater Capital have acquired the Fastway Couriers South Africa franchise, with City Logistics taking the majority 70% stake. Financial details of the transaction were not disclosed.

Sango Capital, a local investment management firm, has acquired a controlling stake in Tunis Stock Exchange-listed Sotipapier, a manufacturer of Kraft paper, test line and flute paper based in Tunisia. The stake was acquired from private equity firm SPE Capital for an undisclosed sum.

Homefarm, a Johannesburg-based agritech startup, has raised c.R1,7 million in a seed funding round. The funds will be used to scale its operations, improve its service offering and roll out its marketing and distribution channels. The startup has as a fully automated indoor farms model which allows people to grow their own food.

11 August 2022

Exchange Listed Companies

The proposal to Telkom by network operator Rain, that it rather merge with it than MTN, prompted the release of a SENS announcement on Thursday by the Takeover Regulation Panel informing the market that the potential offer to merge was unlawful and that Rain had been instructed to retract the announcement.

Datatec UK subsidiary Logicalis UK&I has acquired Q Associates, a provider of IT consultancy and advisory services around data management, data protection, compliance and information security. The acquisition will extend the reach and skills of the UK subsidiary, increasing value to customers especially in Higher Education and Government Secured Services sectors.

The Central Energy Fund SOC has completed its due diligence following its decision to invest R1 billion for a 10% ownership stake in Renergen’s Virginia Gas Project.

BHP has made a non-binding indicative proposal to acquire Australian miner OZ Minerals in a deal valued at A$8,37 billion. Although the OZ Minerals board has rejected the offer as undervaluing the stock, the A$25 per share offer reflects a 41.4% premium to the 30-day VWAP of A$17.67 per share up to and including the share price on August 5, 2022.

Libstar has concluded an agreement to acquire Cape Foods, a Cape Town manufacturer of a wide range of branded and private label herb, spice and seasoning blends. The product range is marketed both locally and internationally in more than 30 countries. The transaction is in line with Libstar’s strategy to grow its basket of non-commoditised food products in existing categories. Financial details of the transaction were undisclosed.

Sun International is to dispose of a property in Menlyn, Pretoria to Menlyn Maine for an effective R198 million and will acquire from Vast Way, a 14.25% equity interest (and loan account) in Time Square for R125 million.

Globe Trade Centre S.A. has announced a change in strategic expansion to include new sectors identified by the company for investment. These sectors include investment in innovation and technology parks, renewable energy facilities and development of private rented (residential) sector property. As part of this new strategy, the company announced the acquisition of a 25% stake in a joint venture investment in Kildare Innovation Campus, located outside Dublin for c. €115 million.

Delta Property Fund has disposed of four properties, three in Bloemfontein and one in Kimberly, to various parties for an aggregate R16,6 million.

Deutsche Konsum REIT-AG, a real estate company focusing on German retail properties in micro-locations, has acquired the retail park Cottbus-Center and two grocery stores in Saxony-Anhalt.

Unlisted Companies

DataProphet, a local Cape Town-based startup which uses artificial intelligence to provide the manufacturing industry with impactful solutions to optimise production, has closed a US$10 million series A round. The round was led by Knife Capital. The investment will be used to accelerate international expansion.

South African VC firm HAVAÍC has invested US$500,000 in FinAccess, a Kenyan software solutions provider that digitises community banks and farming co-operatives in the East Africa region. FinAccess will use the funds, part of a pre-series A funding round, to expand its two core products, banking software solution Fincore and agricultural software solution Grobox.

Logistics startup Droppa has closed a series A round for an undisclosed amount with logistics company SkyNet Worldwide Express. Droppa is an on-demand courier and fleet hiring e-haling platform. The investment will be used to drive business growth and allow for continuous innovative business solutions.

4 August 2022

Exchange Listed Companies

Remgro, SAS Shipping Agencies Services (MSC Mediterranean Shipping Company SA), the Mediclinic International board and newly formed Manta Bidco (to be jointly held by Remgro and SAS) have reached an agreement on a recommended cash offer to acquire the remaining 55.44% stake of Mediclinic. Remgro currently holds a 44.56% equity stake in Mediclinic. The acquisition values the entire issued and to be issued ordinary share capital of Mediclinic at approximately £3.7 billion and an implied enterprise value of approximately £6.1 billion. Shareholders will receive 504 pence in cash for each share held, representing a premium of approximately 50% to the volume-weighted average price per Mediclinic shares on May 25, 2022, the day prior to the initial announcement. In addition, shareholders will be entitled to receive the final dividend of 3 pence per share approved at the AGM on July 28, 2022.

Old Mutual is to acquire a minority stake in funding solutions specialist Preference Capital. Old Mutual has the option over time to increase its shareholding to a majority stake. Financial details were undisclosed.

African Rainbow Capital subsidiary TymeBank South Africa intends to acquire Retail Capital, a fintech funder of local SMEs, forming the foundation of its expanded business banking offering. Retail Capital has provided funding in the region of R5,5 billion to some 43,000 business owners in SA. Financial details of the transaction were undisclosed.

Vukile Property Fund, a specialist retail REIT, has acquired the Pan Africa Shopping Centre in Alexandra, Johannesburg for R414,6 million. The seller, the Pan Africa Development Company is held by consortium members Atterbury Property (50.89%), Talis Holdings (47.34%) and Summit Ridge Trading 5 (1.78%). Vukile will also appoint the seller to develop the centre’s second phase expansion which it will then acquire for R254,3 million on opening in April 2024.

DRA Global has sold its APAC maintenance, shutdown and structural mechanical piping construction business subsidiary G&S to technical industrial services provider KAEFER Integrated Services for A$8 million.

Shareholders in Cognition have been advised that the company is in discussions regarding the possible sale of its 50.01% stake in Private Property South Africa.

Unlisted Companies

Air Liquide’s specialised entity VitalAire, a provider of respiratory care services and products for use by chronic patients at home, has acquired the diabetes division of Ethitech, a distributor of medical technology and diabetes medical devices in South Africa. The acquisition will enable VitalAire to meet the growing need of patients with diabetes, leveraging on innovative connected technologies and offering personalised patient follow-up.

The Public Investment Corporation (PIC) is to invest US$100 million into the Africa Finance Corporation, a Nigeria-headquartered multilateral financier of infrastructure on the continent. As a shareholder in AFC, the PIC hopes to benefit from co-investment opportunities.

Mobile ‘play-to-earn’ app Skrmiish, has raised US$2,5 million in a seed round. The Cape-based startup that enables gamers to earn cash in every match played, will use the funding to boost its growth globally.

28 July 2022

Exchange Listed Companies

Castleview Property Fund has announced a R5 billion deal with the acquisition of a number of real estate assets including the Willowbridge retail properties, the K346 development properties, iRes residential properties, the entire share capital of Tensai Property Services and more than 50% of the issued shares in Emira Property Fund. If implemented, Castleview will issue shares in excess of 100% of the existing Castleview shares in issue, resulting in a reverse take-over of the company. In addition to the acquisitions and as part of the transaction, the company has announced the issue for cash of a further 51,91 million shares to the Womens Soccer League (34,9m shares) and Streepperdjie (17m shares) at R5.97 per share for a total R309,9 million.

Investec Property Fund has advised shareholders that the current global macroeconomic volatility has resulted in placing on hold its planned sale of the Pan-European Logistics portfolio.

RCL FOODS has acquired KZN-based Sunshine Bakery, a company indirectly majority-owned by AFGRI Group for an undisclosed sum. The acquisition will increase bread volumes in the company’s baking network by 28%.

Equites Property Fund is to dispose of six logistics warehouses in Cape Town to investor consortium Mabel Black Knight Investments for R190 million. As part of the transaction Equites will provide training and facilitate the skills transfer process to Mabel which will enhance their property expertise.

Rex Trueform and Spear REIT have entered into a sale agreement whereby Rex Trueform will acquire the property 5 Fitzmaurice Avenue in Epping, Cape Town for a gross purchase consideration of R85 million. The acquisiton is seen by the company as a strategic opportunity to diversify and grow its existing property portfolio.

Unlisted Companies

Local startup Qwili, a platform providing hybrid hardware-software product to micro and small merchants in South Africa, has closed a seed funding round raising US$1,2 million. The round was led by E4E Africa with participation from Strat-Tech, Next Chymia, Untapped Global and Codec Ventures. The investment will be used for app development and hardware production.

The sale by BP Southern Africa of a 50% interest in the Cape Town Terminal to the Central Energy Fund’s Strategic Fuel Fund has received approval from the Competition Commission.

Impresa Capital, a Durban-based venture capital firm, has acquired Gumtree South Africa for an undisclosed sum from Norwegian company Adevinta. Impresa Capital is a majority shareholder of Ignition Group, one of Africa’s largest investors in technology, media, telecommunications and financial services.

21 July 2022

Exchange Listed Companies

SGT Solutions owned by African Equity Empowerment Investments (60%) and Ayo Technology Solutions (40%) has announced the acquisition of Italian Summer, a supplier of power management and backup solutions and products for commercial and industrial applications throughout Southern Africa. The R73,63 million deal will ultimately create a larger market share in the telecommunication sector through an increase value-add and access to new customers. 

Buka Investments (previously Imbalie Beauty) has made its first acquisition in its journey to become a premium fashion company. The cost of the acquisition of the Socrati Group for R140 million will be discharged by the issue of 70 million shares at R2 per Buka share.

A caveat to a R590 million loan agreement announced in May between Ascendis Health and Austell Pharmaceuticals is that if shareholders did not approve the R375 million sale of Ascendis Pharma to Pharma-Q and Imperial Pharma announced in February, it would trigger a default under the loan agreement if Ascendis did not then agree to sell the business to Austell at R410 million. Shareholders will be asked to vote on two transactions at the next shareholders meeting.

Industrial REIT has disposed of Rose Kiln Court in Reading, UK for a total consideration of £5,88 million. The sale price represents a 2.2% discount to its March 31, 2022, valuation of £6,02 million.

Cautionary notices to shareholders of Telkom and MTN disclosing the companies are in talks (once again), sent the share price of Telkom up 26% and MTN up 5% on the day. Details are yet to be announced but there has been a great deal of speculation on what structure a deal would take. The strategic asset in the Telkom portfolio is fibre – in November last year Vodacom entered a R13,2 billion deal with Remgro’s CIVH to combine their fibre assets.

Unlisted Companies

Private equity firm Legacy Africa Capital Partners has taken a 30% equity investment in Continuous Power Africa, a provider of power solution to the telecommunications industry in Africa. Funds will be used scale the business and accelerate growth.

Actis, a global investment firm focused on energy and infrastructure, together with Mainstream Renewable Power, is to dispose of Lekela Power (60%:40%:), Africa’s largest pure-play renewable energy independent power producer seven years after they made the initially investment. Infinity Group and Africa Finance Corporation will acquire the IPP in a deal said to be valued at c.US$1,5 billion. Lekela Power operates five wind assets in South Africa and one each in Egypt and Senegal.

Nexia SAB&T has acquired audit firm Kreston Johannesburg as its 10th office in South Africa and its second in Gauteng. 

14 July 2022

Exchange Listed Companies

Glencore has disposed of its stake in BaseCore Metals (a base metal streams and royalties joint venture with Ontario Pension Plan Board) to NYSE- and TSX-listed Sandstorm Gold in a cash and equity deal valued at US$525 million.

In a similar deal, South32 is to sell a package of four non-core base metals royalties to LSE-listed Anglo Pacific Group for US$185 million plus contingent payments of up to $15 million. Of this $103 million will be paid in cash and $82 million in Anglo Pacific shares resulting in South32 holding a 16.9% stake in Anglo Pacific.

The Board of Transcend Residential Property Fund has received a firm intention offer from Emira Property Fund to make a general offer to acquire up to 100% of the ordinary shares in the company for a cash consideration of R5.38 per share on an ex-distribution basis. Currently Emira holds 40.69% of Transcends’ issued shares.

Capital & Regional has disposed of the residential development project in Walthamstow to specialist residential developer Long Harbour for c.£21,65 million. Proceeds will be used to reduce debt.

Old Mutual Africa (Old Mutual) has taken a significant stake in UAP Old Mutual Life Assurance Uganda following an injection of funds in a move to recapitalise the company. The life insurer’s compliance was threatened as it fell short of its solvency margins. UAP which has a 53% stake in the Ugandan business is owned by Old Mutual.

Unlisted Companies

Hyperclear, a Mauritian headquartered technology investment company, has acquired from Apex Partners, Principa, a local African and analytics software firm with operations in SA, the UK and Middle East. Principa provides data-driven solutions to the retail credit industry. Financial details were undisclosed.

DigsConnect.com, a local digital student accommodation platform which matches landlords with students seeking accommodation, has closed a pre-Series A extension round. The undisclosed investment was secured from Launch Africa, Goodwater Capital, Five35 Ventures and Delta Ventures. Funds will be used to drive international growth.

Juta and Company has acquired MedicalBrief, a weekly digest of local and global medical matters.

Infra Impact Mid-Market Infrastructure Fund 1, has acquired a minority stake in Cybersmart, a local internet service provider and fibre network operator. The funding will be used by Cybersmart to solidify its brand and accelerate the rollout of connectivity solutions.

Imperial, acquired in 2021 by DP World, has expanded its African presence with the purchase, via its Market Access business, of a controlling stake in Africa FMCG Distribution (AFMCG). Part of the Chanrai Group of Companies, Nigerian-based AFMCG is a multi-faceted business offering nationwide and route-to-market solutions across multiple channels.

California-based seller of fresh strawberries and other berries Driscoll’s is to purchase Haygrove Africa Trading, a local supplier of blueberries in sub-Saharan Africa. Financial details were undisclosed.

7 July 2022

Exchange Listed Companies

In May, a consortium comprising Remgro and MSC Mediterranean Shipping Company proposed to the Board of Mediclinic International a possible cash offer to acquire the Mediclinic shares not already held by Remgro at a price of 463 pence (R88.43) per share. The proposal was rejected on the grounds that the offer significantly undervalued Mediclinic and its prospects. At the time, Remgro which currently holds a 44.6% stake in Mediclinic, said that it would consider its position. This week Mediclinic announced it would progress with talks on the consortium’s fourth proposal which values Mediclinic shares at 504 pence per share – a premium of 23% to the share price of 411 pence on June 7, the day prior to market speculation. In line with regulations, the consortium must make a firm offer by August 4, 2022.

Bidvest has announced the acquisition of B.I.C. Services, a niche integrated facilities management services provider across office, commercial and education sites. The acquisition is for an enterprise value of A$160 million (R1,8 billion). It has been some time since a South African corporate has made an acquisition in Australia, not surprising given the poor track record of those who have gone before.

Huge has acquired Tethys Mobile, currently in Business Rescue, from shareholders and creditors for an undisclosed sum. Once implemented, Huge will change the name to Huge Digital Enablement. Tethys was SA and Africa’s first mobile virtual network operator when it launched to the market in 2006.

Deutsche Konsum REIT-AG (DKR) has acquired a portfolio of six mainly food-anchored local retail properties in Saxony and Saxony-Anhalt. The properties which have a combined rental area of 9,000sqm were acquired for c.€9,2 million.

Both Delta Property Fund and Texton Property Fund have notified shareholders that property transactions announced in 2021 have been terminated due to the inability of the purchasers to fulfil conditions precedent. Properties in question were the sale by Texton to Stonehill Property Group of the Forestrust and Loop Street Properties for an aggregate consideration of R397 million and the disposal by Delta of the Fort Drury and Sediba properties to Central Plaza Investments 199 for R76,5 million.

Unlisted Companies

Lonsa Everite, together with black-owned and managed South African private equity firm Legacy Africa Capital Partners and Swartland management, have acquired 100% of the issued shares in Swartland Investments and Swartland Insulation, as well as the freehold properties. Swartland is a manufacturer and supplier of wooden and aluminum doors and windows, garage doors as well as XPS insulation and cornices. The business operates in Southern Africa, the UK and the US. The transaction value of c.R1,3 billion was funded through a combination of equity, vendor deferred payment agreement and R660 million of debt financing.

In another deal, Legacy Africa Capital Partners has invested an undisclosed sum in power solutions provider Continuous Power Africa (CPA). The investment will accelerate CPA’s expansion into new markets beyond telecommunications and grow its range of products.

Fintech startup Sava Africa, a local spend-management platform, has raised US$2 million in pre-seed funding. The platform combines bank accounts, mobile wallet, payments, accounting integrations and invoice and expense management tools. The round was led by Quona Capital with participation from Breega, CRE Ventures, Ingressive Capital, RaliCap, Unicorn Growth Capital and Sherpa Ventures. Funds will be used to launch its product in South African and Kenya.

Alaris, which delisted from the JSE in February this year, has expanded its footprint in Europe with the acquisition of Kuhne electronic, a German electronics engineering company. Financial details were undisclosed.

30 June 2022

Exchange Listed Companies

Sibanye Stillwater intends to exercise its pre-emptive right to increase its shareholding in Finish mining and battery chemical company Keliber Oy from 30.29% (acquired in February 2021) to 50% plus one share at a cost of €146 million. The company will also make a voluntary cash offer to the minority shareholders of Keliber (excluding the state-owned Finnish Minerals Group) for a total consideration of €196 million. If successful its shareholding in Keliber will increase to 86.1%.

Alviva’s empowerment partners Tham Investments and DY Investments 3 have issued a non-binding expression of interest to acquire the remaining 81.4% of the company at an offer price of R25 per share (representing a 30% premium to its 30-day VWAP of R19.50) in a potential deal valued at R2,4 trillion. The consortium has received an offer of funding from Absa.

In August 2021  Datatec  announced it was to undertake an evaluation of strategic options and initiatives to unlock shareholder value. An update in May disclosed that negotiations were underway regarding Analysys Mason (AM). This week the company, via its UK subsidiary, announce the disposal of its 71.2% stake (diluted from 79.4% prior to completion) in AM for £136,1 million. The deal with Bridgepoint  Development Capital will see BDC also acquire a 21.4% stake of AM from management. 

Anglo American has agreed to lead the latest investment round of Sanergy, an organic waste upcycling business with operations in Kenya. Sanergy manages waste by upcycling it into high value agriculture and energy products – such as insect-based protein for animal feed, organic fertiliser for regenerative farming and biomass fuel for sustainable, localised power sources.

RMB Holdings is to sell the A ordinary shares (37.5% stake) in Atterbury Europe plus the shareholder loan claims to existing shareholder Brightbridge for R1,75 billion, to be settled in cash. The aim is to return the proceeds to shareholders in the form of another special dividend.

Texton Property Fund is to sell Hermanstad Industrial Park in Pretoria to Property Genius and Cream Magenta 228 at a premium to its disclosed book value. With a focus on repurposing its office assets, the disposal further reduces the company’s exposure to industrial assets in its direct property portfolio. The proceeds of the R133,5 million deal will be used to repay debt and to further invest in its SME strategy. 

Motus has issued a letter of intent for potential acquisition of 100% of the shares in an Aftermarket Parts business for cash.

Etion is to sell its subsidiary Etion Connect, a provider of  carrier-grade passive connectivity equipment and solutions that enable telecommunications networks to function, connecting communities, businesses and government with mission-critical connectivity access. The business will be acquired by a newly formed entity Etion Telecommunications (representing management and third party equity partner) for R71,5 million. 

Massmart has announced the acquisition of appliance brand Eiger to add to its private product portfolio. The acquisition follows Massmart’s analysis of South Africa’s appliance market.

The deal announced in February between Ascendis Health and Apex Management Services for the sale by Ascendis of the assets through which Ascendis Medical operates has been terminated by mutual agreement.

The October 2021 deal between Acension Properties (Rebosis Property Fund) and Ulricraft (Vunani Capital Partners) has been terminated. Although the conditions precedent of the R3,35 billion deal whereby Ulricraft was to acquire a portfolio of rental enterprises at a blended yield of 9.4%, was extended to allow Ulricraft to obtain finance it was unable to do so within the required period.

Unlisted Companies

Zenysis Technologies, a data integration and advanced analytics company headquartered in Cape Town and San Francisco, has closed a US$13,3 million series-B round led by the Steele Foundation for Hope. The funds will be deployed towards building partnerships with governments and local institutions to manage complex linkages between climate change and human health in Africa, Asia and South America.

Eco (Atlantic) Oil & Gas via its subsidiary Azinam, has signed a farmout agreement for the acquisition of an additional 6.25% participating interest in Block 3B/4B offshore South Africa. The interest will be acquired from the Lunn Family Trust, a shareholder of Riocure. The block is located lies120-250kms offshore South Africa in the Orange Basin. The consideration payable is US$10 million (R158 million).

23 June 2022

Exchange Listed Companies

Fortress REIT is to collapse the company’s dual share structure into a single ordinary share. Fortress will offer to repurchase all issued Fortress A shares (excluding the 26,86 million shares held as treasury shares) in exchange for Fortress B shares at an exchange ratio of 3.01 Fortress B shares per Fortress A share.

The results of the mandatory offer made by private equity funds Glenrock Lux PE No 1 and Glenrock Lux PE No 2 to Universal Partners shareholders of R18,63 per share, closed with just 809,545 shares tendered representing 1.12% of the company’s shares in issue. Following the closure of the offer, the offerors collectively own a 35.3% stake in Universal Partners.

Capital & Counties Properties (Capco) will, in a reverse takeover, acquire the remaining 74.8% stake in Shaftesbury plc in a deal valued at c.£1,47 billion. In terms of the deal Shaftesbury shareholders will receive 3,356 new Capco shares for each Shaftesbury share held. Shaftesbury shareholders will own 53% of the combined group and Capco shareholders 47%.

Last week the results of the mandatory offer by concert parties Raubex and Pelagic to Bauba Resources minorities secured just 10.59% of the company’s total issued share capital resulting in Raubex holding 61.68% in the company. This week Raubex, who wants to take full control has made a general offer to shareholders at the same price as the mandatory offer or 42 cents per share.

Oando plc has released the outcome of a court ruling following a petition filed in March 2021 at the Federal High Court in Lagos by 14 shareholders holding an aggregate 42,63% stake. The court has ruled in favour of the request by the petitioners that it order the buyout of their entire shareholding by the company.

Unlisted Companies

PAPE Fund 3, a local mid-market private equity fund, has acquired an equity stake in Entersekt, a global leader in device identity and payment authentication.

Avacare Global, a South African integrated holistic provider of healthcare products, services and solutions, is to receive an equity investment of US$28,6 million from the International Finance Corporation (IFC). The funding will be used to expand its manufacturing and distribution of various pharmaceutical (including generic) and healthcare consumable products in Africa.

16 June 2022

Exchange Listed Companies

African Infrastructure Investment Managers (Old Mutual), as part of a consortium which includes Royal Bafokeng Holdings and SUEZ SA, has acquired EnviroServ from Rockwood Private Equity for an undisclosed sum. EnviroServ is the largest private waste management business operating in sub-Saharan Africa.

The results of the mandatory offer to Bauba Resources minorities show the offer was accepted in respect of 79,412,185 shares, constituting 10.59% of the company’s total issued share capital. The R0.42 per share offer was a joint firm intention by Raubex acting in concert with Pelagic.

Texton Property Fund via its 50% held joint venture Inception Reading, has entered into an agreement to dispose of Broad Street Mall in Reading, UK for a headline consideration of £57,5 million (R1,11 billion) in cash.

Afine Investments has acquired Glomor Three, a holding company for two petrol station properties. Glomor is owned equally by Petroland and Terra Optimus who will receive in aggregate 8,54 million Afine shares and R2 million in cash. The properties are in Randfontein and White River and have long leases with Engen and Sasol respectively. 

Belvedere Resources has acquired a majority stake (347,945,097 shares) in Buffalo Coal at $0.001552 per share from exiting private equity fund Resource Capital Fund V. In addition to the $540,000 paid for the stake, Belvedere will also assumed a US$27 million convertible loan with the maturity date of June 2023.

Aveng this week issued a cautionary announcement to shareholders informing them that it was in advanced negotiations to dispose of Trident Steel, a division of Aveng Africa. The disposal is in line with Aveng’s 2018 strategy of disposing assets which are deemed non-core to the company. The proceeds from the transaction will be utilised to settle remaining external debt in South Africa, create further liquidity and strengthen the financial position of Aveng.

Unlisted Companies

UK-headquartered Woven Solutions has scaled its presence in South Africa with the acquisition of a majority stake in SA Commercial, a BPO provider based in Cape Town. 

Kasada, the South African-based investment platform, has announced the acquisition of the Umubano Hotel in Kigali, Rwanda. The hotel will be rebranded and redeveloped into a 100-key Mövenpick hotel.

MFS Africa, a pan-African digital payment company, headquartered in Johannesburg, has raised US$100 million in equity and debt funding in a series-C extension round led by Admaius Capital Partners with participation from Vitruvian Partners and AXA Investment Managers, among others.

9 June 2022

Exchange Listed Companies

In May, a consortium comprising Remgro and MSC Mediterranean Shipping Company proposed to the Board of Mediclinic International a possible cash offer to acquire the Mediclinic shares not already held by Remgro at a price of 463 pence (R88,43) per share. The proposal was rejected by the Board of Directors as it believed that the offer significantly undervalued Mediclinic and its future prospects. Remgro, which currently holds a 44.6% stake in Mediclinic, released an announcement this week following press speculation saying that following the rejection of the proposal the Consortium was considering its position and may make a further offer but reserved the right to do so at a lower value or on less favourable terms.

AfroCentric Investment subsidiary, AfroCentric Health, has acquired the remaining 49% stake in AfroCentric Distribution Services from WAD. The decision to bring the specialised marketing and sales company in-house stems from the critical role it performs in the Group’s growth strategy for medical schemes and the new generation products. The stake will be acquired for an aggregate purchase consideration of R75 million.

Heriot Properties, a wholly owned subsidiary of Heriot REIT, together with concert parties Heriot Investments and Reya Gola Investments, have made a general offer to Safari Investment RSA shareholders to acquire Safari shares. Together the concert parties hold 33.1% stake in Safari and are offering shareholders R5.60 per share. The Takeover Regulation Panel has confirmed that should acceptance exceed the 35% threshold, as a result of the general offer, the parties are not required to make a mandatory offer to Safari shareholders.

Santam has acquired the remaining 49% stake in JaSure, an app-based insurance provider for an undisclosed sum. JaSure has a younger market reach which Santam intends to leverage with its efficiencies and wider distribution capability.

The announcement in April by ROX Equity Partners of its intention to acquire all the issued shares in Silverbridge at R2,00 per share, has been amended to waiver certain of the offer conditions following the release of the independent expert report which concluded that the offer was unfair but reasonable. Delisting of the company will not be pursued and following the implementation of the general offer, the shares will remain listed on the JSE.

The mandatory offer by MCC Contracts and African Phoenix to acquire the remaining 62.23% of the shares in enX at an offer consideration of R5.60 per share closed on June 3, 2022. Only 103,371 enX shares were tendered representing 0.06% of the issued share capital. Following the transaction, the offerors will collectively hold 37.83% of the listed company.

Unlisted Companies

Crossfin Technology, a South African fintech group, has acquired a significant stake in payments and technology company Vantage Africa for an undisclosed sum. Trading as VantagePay, the cloud-based platform provides payment solutions to address the massive latent demand for access to trusted financial services in Africa.

Sonnedix Power, a global independent power producer, has disposed of its South African solar business which owns a 60% interest in the 75MW solar farm known as the Prieska Project in the Northern Cape. Financial details of the disposal to pan-African BTE Renewables were not disclosed.

Franc, a local fintech app, has raised R8 million in a seed extension round led by 4DX Ventures and has announced a B2B offering Franc Business, a low cost and easy way to invest app. The funds will, in part, fund this initiative.

Cape Town venture capital firm HAVAÍC has invested US$400,000 in Nigerian multi-channel retail company ShopEX. The retailer mobilises a combination of traditional and digital channels to market, sell and distribute successful and global brands in Nigeria and other African markets. The capital injection will allow ShopEX to scale its presence into new markets.

MFS Africa, a pan-African digital payment company, headquartered in Johannesburg, has, for an undisclosed sum, acquired US Global Technology Partners (GTP) in a deal which will scale the business to the next growth stage; widening its offering to Africa’s gig economy, the business travel market and millions of individuals through card credentials linked to mobile money wallets for secure online purchases. In addition, the deal will be used by MFS to leverage off GTP’s presence in the US to expand its activities in North America.

2 June 2022

Exchange Listed Companies

Gold Fields has announced an all share offer to acquire Canada-based miner Yamana Gold. The share-for-share exchange transaction, with an exchange ratio of 0.6 Gold Fields consideration shares for each Yamana share, values Yamana Gold at c. US$6,7 billion (R103 billion). The market reacted sharply to the deal and its dilutive nature, with the share price tanking 23%. It may be worth remembering that in 2016 Sibanye Gold acquired US Stillwater Mining for R30 billion and at the time Sibanye’s market capitalisation was R26 billion – a case of the minnow swallowing the whale. Gold Fields’ market capitalisation on the other hand was R170 billion on the day prior to the announcement of its proposed R103 billion deal. Gold Fields shareholders will own 61% and Yamana shareholders 39%. The combined group will be headquartered in Johannesburg with operations across Canada, Australia, South America, Ghana and South Africa, creating a diversified top-4 gold global major.

Naspers’ venture capital unit Naspers Foundry has invested R40 million in fintech startup LifeCheq. The startup uses artificial intelligence to lower the cost of financial advice previously accessible only to higher-income earners. This marks the fifth fintech investment and its 11th technology-based transaction.

Huge Telecom, a subsidiary of Huge Group, has concluded an agreement to acquire the remaining 49.97% interest in Huge Networks from Otel Communications for a purchase consideration of R15 million. In addition, Huge acquired a 5% stake in Glovent Solutions, a company specialising in innovative system design and development for R3 million.

Kibo Energy is to take a 51% stake in National Broadband Solutions (NBS), following a deal with Hasta Trust. NBS holds a portfolio of long duration energy storage projects with an initial target of c.36,320 MWh capacity. In exchange for the stake, Kibo will grant NBS access to its strategic capabilities and capacity in respect of long duration storage solutions for specific market sectors covered by NBS’ project portfolio.

Capital & Counties Properties plc is in talks with Shaftesbury plc on a possible all-share merger. Capco has until June 17 to announce a firm intention to make an offer or announce it does not intend to do so as per the regulatory laws governing such actions in the UK.

Libstar announced in February 2021 the sale of a 70% stake in its household and personal care businesses for R174,6 million to PAPE Fund Managers and Kanaka Chemicals following an offer from the acquirers. This week the company advised that although the businesses had delivered improved an operating profit result despite the volatility of the current economic environment the parties had been unable to conclude the definite agreements relating to the transaction.

Unlisted Companies

Wasaa, the Johannesburg-based, black women-owned petrochemicals company has acquired the East London liquid fuel import terminal from BP Southern Africa (bpSA). The deal, the financial details of which were undisclosed, sees Wasaa Terminals take full operational control of the terminal, the movable assets and a 20% stake in the berth to terminal pipeline. bpSA has retained operation of its transport business.

Enko Education, a network of African international schools headquartered in Johannesburg, has closed its US$5,8 million series B round led by Adiwale Partners with participation from the Steyn Capital family office among others. Funds will be used to increase the number of students in the network.

West Wits Mining, which is listed on the ASX, is to increase its ownership in the Witwatersrand Basin Project to 74% with the acquisition of a 7.4% stake from Lilitha Resources, its BEE partner for US$50,000 in cash and 96 million West Wits Mining shares.

South African international calling app startup, Talk360, has secured US$4 million in funding led by HAVAIC with participation from Cape-based 4Di Capital and angel investors. Funds will be used to launch a new pan-African payment platform that will integrate all available payment options across Africa and to expand its international calling operations across the continent.

Local e-commerce platform Shopstar has secured an undisclosed sum in its third-round funding from Launch Africa Ventures, a pan-African fund headquartered in Mauritius. The platform enables local entrepreneurs to build online stores and grow businesses by offering easy to use professional services. The funds will be used to scale its platform.

26 May 2022

Exchange Listed Companies

Etion has disposed of its Original Design Manufacturing company, Etion Create, to Reunert subsidiary Reunert Applied Electronics for an estimated R197 million. Etion Create manufactures customised electronic subsystems and products across a range of sectors including Mining and Industrial; Defence and Aerospace; Internet of Things and Sensors; and Cyber Security.

Capital & Regional plc, the UK convenience shopping centre REIT, has exchanged contracts for the sale of The Mall, Blackburn to the retail arm of Adhan Group of Companies in a cash deal of £40 million. The net proceeds will be used to repay debt secured on the property.

Deneb Investments’ sale of its property in Worcester, Breede Valley, Western Cape to GS Prospects for R43,5 million will not proceed as the transaction was conditional on the purchaser obtaining a loan against the registration of a first mortgage bond over the property. The condition precedent was not fulfilled by the stipulated date.

Tradehold is to implement a disposal which will reduce the complexity of its current corporate structure. The company will dispose of its entire shareholding in Moorgarth Holdings (Luxembourg) which holds all the group’s interests in the UK. The disposal to newly incorporated Moorgarth Holdings for £102,5 million is a related party transaction as certain directors of Tradehold are shareholders in the purchaser.

As part of its strategic initiative to expand on its rental portfolio, Balwin Properties is to repurchase the 75% equity stake in Balwin Rentals from Yieldex Trading 2 for a purchase price of R18 million.

Raubex and Bauba Resources have announced the extension of the closing date of the mandatory offer to shareholders to June 10, 2022. Raubex, acting in concert with Pelagic made an offer to shareholders of R0.42 in February.

Sable Exploration and Mining has updated shareholders on its proposed deal with Magni Investment and Lurco Metals announced in Q4 2021. Due to non-fulfilment of certain conditions precedent, the transaction will not proceed.

Unlisted Companies

Ironweed plc, a UK exploration and development company incorporated in England and Wales is to acquire Ferrochrome Furnaces, located in Rustenburg, out of business rescue for a nominal fee (R980) and the purchase of outstanding debt (R115 million) from the sole creditor. Upon completion, a further R100 million will be paid over 10 years based on a share of profits from the smelter facility capped at 13.5% per annum.

Imvelo Ventures has made a follow-on investment in Acumen Software. The undisclosed Series B funding has been used to expand the services of the My Smart City platform.

Energy giant Électricité de France (EDF) has announced the planned acquisition of a 50% stake in Cassava Technologies business Distributed Power Africa. The partnership will develop hybrid energy solutions for businesses in SA. EDF is already active locally in the low-carbon generation, transmission, distribution and energy efficiency services. Financial details were undisclosed.

Phatisa, the African private equity fund manager, is in the news again this week, this time as part of a consortium of leading development finance institutions to acquire a significant minority stake in South Africa-based citrus and fresh-produce exporter Lona Group. The other parties to the undisclosed investment were British International Investment, Norfund and Finnfund. The funds will be used for expansion capital to drive growth and investment into cutting-edge sustainable food production.

Edtech and entrepreneur education company Genius Group has acquired E-Squared Education Enterprises, an Eastern Cape-based entrepreneur-focused primary and secondary school and vocational college. Financial details were undisclosed.

South African edtech startup FoondaMate has raised US$2 million seed funding in a round led by UK venture capital firm Local Globe. Other participants include Emerge Education, FirstCheck Africa, LoftyInc Capital Management and Future Africa. The startup targets high school students in emerging markets where WhatsApp is used as cheaper to use or free to access. The funds will be used to scale its WhatsApp and Facebook-based learning chatbot across the globe.

19 May 2022

Exchange Listed Companies

Naspers, through its technology fund Naspers Foundry, has invested R40 million in agritech company Nile. The investment is part of an R83 million equity round. The B2B e-commerce platform, which services small and large-scale farmers, provides direct trade of fresh produce between producers and retailers, wholesalers and processors across the SADC region.

Nedbank, via its corporate and investment banking division, has made an equity investment into RapidDeploy, an integrated response platform transforming first responder communications centres into data-centric organisations.

Emira Property Fund has agreed to dispose of its entire 49.9% stake in Enyuka Property to joint venture partner One Property. The stake in the rural and lower LSM retail property joint venture will be sold for an aggregate R637 million, representing a small premium to book value. The proceeds will be temporarily used to reduce Emira’s gearing but will be available for other capital re-investment opportunities.

Shoprite Checkers, the local subsidiary of Shoprite has announced a plan to recognise its employees’ role in the success of the group by providing them with additional compensation over and above their salary and at the same time increasing its B-BBEE shareholding in the local subsidiary to 19.2% from 13,5%. In the announcement, the company states that 97% of local employees are black and 66% are female. The evergreen B-BBEE Employee Benefit Trust will hold 40 million shares in the local subsidiary and employees (in service for at least two years) will receive dividend entitlements but will not own the shares, so the transaction will not have an impact on the shares in issue in the listed holding company. Non-SA employees will also receive equivalent payment to that of its local employees.


Stefanutti Stocks has disposed of a property in Henville, Germiston to Badenoch Investments for R33 million. The disposal is in line with the company’s restructuring plan to put in place an optimal capital structure and access to liquidity.

Texton Property Fund has disposed of Woodmead Commercial Park to Benav Properties in a deal valued at R132,5 million. The proceeds of the sale will be utilised to repay debt and to further invest in its SME strategy.

Sirius Real Estate, the multi-tenanted business park, is to sell Bizspace Business Park in Camberwell, London for £16 million representing a net initial yield of c.2.0%.

Unlisted Companies

TooMuchWifi, a local internet service provider, has raised US$1 million in a pre-Series A round led by BLOC SA with participation from Connectivity Capital, Atreyu Investments and other existing investors. TooMuchWifi serves to bridge the connectivity gap by providing uncapped and affordable fibre-backed Internet to the underserved areas in South Africa. The funds will be used to scale operations in existing areas and expand into new communities.

Phatisa, a sub-Saharan African private equity fund manager, has sold a minority share in Continental Beverage Company, the Côte d’Ivoire bottler, to majority shareholder pan-African investment firm, Teyliom International, for an undisclosed sum.