Mergers & Acquisitions, corporate actions, prominent executive movements that I followed in 2021. 🧵
1) Mr Price bought Power Fashion for between 3% (R1.5bn) and 4% (R2bn) of Mr Price’s R50.7bn market cap.
2) Mr Price bought Yuppiechef for 1% of Mr Price's R47bn market cap.
1) Mr Price bought Power Fashion for between 3% (R1.5bn) and 4% (R2bn) of Mr Price’s R50.7bn market cap.
2) Mr Price bought Yuppiechef for 1% of Mr Price's R47bn market cap.
3) Sipho Maseko stepped down as Telkom Group’s CEO.
4) Cashbuild had proposed to acquire 100% of the issued share capital of The Building Company (TBC) for R1,074,700,000. In May, the Commission recommended that the proposed transaction be prohibited.
4) Cashbuild had proposed to acquire 100% of the issued share capital of The Building Company (TBC) for R1,074,700,000. In May, the Commission recommended that the proposed transaction be prohibited.
5) Equities Properties and the Eskom Pension & Provident Fund agreed to form a joint venture that will buy the DSV Campus from DSV Real Estate for R2.05bn and lease it back to DSV for an initial annual rent of R157.5m.
6) Comair entered into voluntary business rescue.
6) Comair entered into voluntary business rescue.
7) MTN SA entered into a sale and leaseback transaction with IHS Towers for 5 709 of MTN SA’s towers, comprising; 4 000 greenfield and 1 700 rooftop sites.
8) 49.89% of Shoprite Holdings shareholders voted against the re-election of Dr Christo Wiese to the board.
8) 49.89% of Shoprite Holdings shareholders voted against the re-election of Dr Christo Wiese to the board.
9) MTN Group (previously owned 96%) sold 20% in MTN Uganda to the public.
10) MTN Group (previously owned 76%) also sold 14% of MTN Nigeria.
11) Kusini Water (@Murendi) a cleantech enterprise, has received an undisclosed investment from the Vumela Fund👌🏿
10) MTN Group (previously owned 76%) also sold 14% of MTN Nigeria.
11) Kusini Water (@Murendi) a cleantech enterprise, has received an undisclosed investment from the Vumela Fund👌🏿
12) Sibanye-Stillwater established a JV with ioneer for Rhyolite Ridge Lithium-Boron Project. Sibanye contributed $490m to the newly formed JV in exchange for 50% of the ordinary units in the JV. ioneer contributed 100% of Rhyolite Ridge for a 50% interest in the Joint Venture.
13) Sibanye-Stillwater also agreed to subscribe for a strategic placement of new ordinary shares in ioneer equal to 7.1% of ioneer for $70m.
14) Sibanye-Stillwater concluded a on-market share buyback by repurchasing 147,700,000 (5%) of its ordinary shares for an ~R8.08bn.
14) Sibanye-Stillwater concluded a on-market share buyback by repurchasing 147,700,000 (5%) of its ordinary shares for an ~R8.08bn.
15) Alexander Forbes agreed to buy out shareholders of EBS International + 25% shareholding held by African Rainbow Capital in EBS International for R125m.
16) Competition Commission approved Gijima’s acquisition of German-based Deutsche Telekom South Africa unit, T-Systems.
16) Competition Commission approved Gijima’s acquisition of German-based Deutsche Telekom South Africa unit, T-Systems.
17) The Foschini Group (TFG) entered into an agreement to acquire 100% of Quench (Pty) Ltd, a digital, on-demand shopping platform and last mile delivery provider.
18) TFG acquired Granny Goose for R13.4m and Cotton Traders (Granny Goose's manufacturing arm) for R45m.
18) TFG acquired Granny Goose for R13.4m and Cotton Traders (Granny Goose's manufacturing arm) for R45m.
19) TFG acquired certain manufacturing assets from House of Monatic, Trade Call Investments Apparel, Radeen Fashions and Hanes South Africa for a combined consideration of R21,7m.
20) TFG acquired Flat Circle (specialist mobile software development agency) for R18,4m.
20) TFG acquired Flat Circle (specialist mobile software development agency) for R18,4m.
21) Old Mutual Private Equity submitted a formal proposal to buy all of the ordinary shares of Long4Life for R5.80 per Long4Life share, valued at R4,1 billion.
22) Heineken NV will acquire Distell for R180/share.
23) Ardagh, based in Luxembourg is buying Consol for R10.1bn.
22) Heineken NV will acquire Distell for R180/share.
23) Ardagh, based in Luxembourg is buying Consol for R10.1bn.
24) Competition Commission approved Clicks purchase of 25 retail pharmacies from Pick n Pay.
25) EOH sold its clinical research company Triclinium Clinical Development US-based FHI Clinical.
26) Sibanye acquired a 19.99% equity interest in New Century acquired for $42.8m.
25) EOH sold its clinical research company Triclinium Clinical Development US-based FHI Clinical.
26) Sibanye acquired a 19.99% equity interest in New Century acquired for $42.8m.
27) Ivan and his wife Lynette (founders of Dis-chem), through their investment vehicle, Ivlyn Local Investment (Ivlyn), has raised ~R1.96bn through the sale of ~65m Dis-Chem ordinary shares at a price of R30.30/share.
28) Dis-Chem acquired 87.5% of Healthforce for R48m.
28) Dis-Chem acquired 87.5% of Healthforce for R48m.
29) Dis-Chem entered into agreements to acquire 25% og Kaelo Holdings for a purchase consideration of R195m.
30) Dis-Chem also bought the entire shares and shareholder claims of Pure Pharmacy, trading as Medicare Health (50 pharmacies) from existing shareholders.
30) Dis-Chem also bought the entire shares and shareholder claims of Pure Pharmacy, trading as Medicare Health (50 pharmacies) from existing shareholders.
31) Sanlam and MTN joined forces in an exclusive strategic alliance to distribute Sanlam Group insurance and investment products across Africa (digital insurance and investment business).
32) Sanlam sold its 100% shareholing in Sanlam Life & Pensions UK to Chesnara Plc for R799m
32) Sanlam sold its 100% shareholing in Sanlam Life & Pensions UK to Chesnara Plc for R799m
33) Sanlam also concluded agreements for the disposal by Sanlam UK of its 100% shareholding in Sanlam Private Investments (UK) Holdings and Sanlam Wealth Planning Holdings UK and their subsidiaries to Oaktree Capital Management L.P for £140 million (~R2.9bn).
34) Alexander Forbes Life entered into a binding agreement with Sanlam Life for the sale & transfer of the group risk and retail life business operations for R100m.
Standard Bank (SBG) bought 47.58% of Liberty Holdings shares it didn't own have. SBG owned 53.62% of Liberty.
Standard Bank (SBG) bought 47.58% of Liberty Holdings shares it didn't own have. SBG owned 53.62% of Liberty.
35) Old Mutual exited the majority (12,2% of 19,4%) of its shareholding in Nedbank by unbundling the ~12,2% Nedbank shares to Old Mutual shareholders by way of a dividend in specie in terms of the Companies Act.
Nedbank stake is held by Old Mutual Life Assurance Company SA.
Nedbank stake is held by Old Mutual Life Assurance Company SA.
36)Vodacom is buying Vodafone’s 55% stake in Vodafone Egypt for R41bn.
80% of R41bn will be settled by issue of 242m new Vodacom shares at R135.75/share to Vodafone and 20% will be paid in cash of ~R8.2bn.
Vodafone’s stake in Vodacom will ⬆️ 65.1%.
80% of R41bn will be settled by issue of 242m new Vodacom shares at R135.75/share to Vodafone and 20% will be paid in cash of ~R8.2bn.
Vodafone’s stake in Vodacom will ⬆️ 65.1%.
37) Absa Financial Services acquired 17.5% stake in Sanlam Investment by exchanging its investment management business consisting of;
Absa Asset Management,
Absa Alternative,
Absa Fund Managers,
Absa Multi and
Absa’s NewFunds (RF).
38) Massmart closed Dion Wired stores.
Absa Asset Management,
Absa Alternative,
Absa Fund Managers,
Absa Multi and
Absa’s NewFunds (RF).
38) Massmart closed Dion Wired stores.
39) Standard&Poor revised and upgraded by Standard&Poor MTN Group’s stand-alone credit.
40) Steinhoff sold 9.9% of its Pepkor stake.
41) Sharks sold a 51% stake to a US consortium MVM for R75m.
42) Western Province turned down a R112m offer for a 51% stake from MVM.
40) Steinhoff sold 9.9% of its Pepkor stake.
41) Sharks sold a 51% stake to a US consortium MVM for R75m.
42) Western Province turned down a R112m offer for a 51% stake from MVM.
42) Pepkor has made an offer to buy (willing to pay R4.3bn) Tapestry Home Brands Group that owns Dial•a•Bed, Volpes, Coricraft and The Bed Store from Actis and Westbrooke Alternative Asset Management who value it at between R3.9bn and R4.75bn.
43) Clicks closed Musica stores.
43) Clicks closed Musica stores.
44) Implats bought 31.94% of Royal Bafokeng Platinum (RBPlat) for R10bn.
45) Northam bought 32.8% of RBPlat for R17bn and issuing 8.7% of Northam shares to RBH.
46) Pick n' Pay plans to open 200 new Boxer stores.
47) Pepkor plans to open 300 new stores (Pep and Ackermans).
45) Northam bought 32.8% of RBPlat for R17bn and issuing 8.7% of Northam shares to RBH.
46) Pick n' Pay plans to open 200 new Boxer stores.
47) Pepkor plans to open 300 new stores (Pep and Ackermans).
48) Rebosis Property Fund sold its portfolio of rental enterprises for cash consideration of ~R6.32bn to Ulricraft.
49) Anglo American demerged its SA thermal coal operations by way of a transfer to Thungela Resources.
50) Devland Cash & Carry acquired a few Massmart Masscash.
49) Anglo American demerged its SA thermal coal operations by way of a transfer to Thungela Resources.
50) Devland Cash & Carry acquired a few Massmart Masscash.
51) STANLIB and J.P. Morgan Asset Management (JPMAM) have formed a strategic partnership in which STANLIB will have the exclusive right to distribute JPMAM’s global investment products in SA.
52) Rhodes Food Group (Bull Brand etc ) acquired Pioneer Foods' frozen foods business.
52) Rhodes Food Group (Bull Brand etc ) acquired Pioneer Foods' frozen foods business.
53) 51% of South African Airways was sold to Takatso Consortium.
54) Sizwe Medical Fund mergered with Hosmed Medical Scheme.
55) Discovery amalgamated with Quantum Medical Aid Society (participating employees are Bidvest and Sun International workers)
54) Sizwe Medical Fund mergered with Hosmed Medical Scheme.
55) Discovery amalgamated with Quantum Medical Aid Society (participating employees are Bidvest and Sun International workers)
56) Motus acquired the remaining 40% shareholding in Renault SA including a 10yr exclusive distribution agreement for South Africa and the neighbouring territories for R250m.
57) DP World made an offer to acquire 100% Imperial Logistics for a cash consideration of R12.7bn.
57) DP World made an offer to acquire 100% Imperial Logistics for a cash consideration of R12.7bn.
58) Barloworld sold its car sales business to associate company NMI Durban South Motors for R947m in cash. Barloworld owns 50% of NMI-DSM and 50% is held by the Akoo family.
59)Altron acquiresd security firm Lawtrust for R245m
60)Mango Airlines entered into business rescue.
59)Altron acquiresd security firm Lawtrust for R245m
60)Mango Airlines entered into business rescue.
61) IDF Capital through one of its subsidiaries, IDF Value Added Services (VAS) has acquired a management Consultancy firm, Brillianaire Consulting which was founded in 2017 by Octavius Phukubye (@Mohloboloko). Octavius was retained as Managing Director of VAS.
62) Afrimat acquired Gravenhage manganese mining right in the Northern Cape for $45m plus R15m for the property.
63) Afrimat will acquire certain assets including the right to mine the vermiculite deposit and certain deposits of phosphate rock from Glenover Phosphate pay R250m.
63) Afrimat will acquire certain assets including the right to mine the vermiculite deposit and certain deposits of phosphate rock from Glenover Phosphate pay R250m.
64) Afrimat also has an option to purchase 100% of Glenover from shareholders for R300 million.
65) Invicta acquired Dartcom Group and will pay R500m slipt as; R50m cash payment and issue Tuludi Capital (sellers) with Invicta shares valued at at R450.8m).
65) Invicta acquired Dartcom Group and will pay R500m slipt as; R50m cash payment and issue Tuludi Capital (sellers) with Invicta shares valued at at R450.8m).
66) Labat Africa acquired 75% of the
shares in the Northern Cape-based cannabis cultivation company, Leaf Botanicals, for a purchase consideration of R11 250 000, to be settled by an issue of 11 250 000 Labat shares.
67) Labat Africa lists on the Frankfurt Stock Exchange
shares in the Northern Cape-based cannabis cultivation company, Leaf Botanicals, for a purchase consideration of R11 250 000, to be settled by an issue of 11 250 000 Labat shares.
67) Labat Africa lists on the Frankfurt Stock Exchange
68) Labat Africa secured a R300m capital commitment from GR Global Ventures LLC in cash within a max of 3yr in exchange for new ordinary shares in Labat.
69) Rand Merchant Investment has concluded an agreement to dispose of its 30% stake in UK insurer Hastings Group for R14,6bn.
69) Rand Merchant Investment has concluded an agreement to dispose of its 30% stake in UK insurer Hastings Group for R14,6bn.
70) Transcend Residential Property Fund acquired Stoneleigh Units in Brakpan for R102m as well as a rental enterprise located in Cape Town for R151.5m
71) Liquid Telecom (majority owned by Strive Masiyiwa) raised R12.4bn in a bond sale to refinance debt and expand into Africa
71) Liquid Telecom (majority owned by Strive Masiyiwa) raised R12.4bn in a bond sale to refinance debt and expand into Africa
72) TymeBank introduced three new shareholders Apis Growth Fund II (14.9%), JG Summit (5,13 %), Tencent and CDC Group and also raised a total of $18m.
73) Go1 raised $200m in a series D funding round, valuing the company at $1bn. First start-up in SA to reach a $1bn valuation.
73) Go1 raised $200m in a series D funding round, valuing the company at $1bn. First start-up in SA to reach a $1bn valuation.
74) National Treasury RT15 bid evaluation committee appointed MTN SA as a service provider to government, through its new mobile communication services contract, known as RT15-2021.
MTN replaced Vodacom as the sole provider of mobile telecom services to the government.
MTN replaced Vodacom as the sole provider of mobile telecom services to the government.
75) Bidvest sold BidAir Services to Kuwait-based National Aviation Services , black-owned investment company Colossal Africa and a consortium of the management team.
76)Comair (operates Kulula and British Airways) sold its SLOW Lounge business to FirstRand Bank for R250m.
76)Comair (operates Kulula and British Airways) sold its SLOW Lounge business to FirstRand Bank for R250m.
77) Imperial Logistics disposed of its South American shipping business for R1.5bn payable in cash.
78) Woolworths opened its first standalone liquor store called WCellar.
79)Bidvest Financial Service is selling 100% shareholding in Cannon Asset Managers to Seriti Capital
78) Woolworths opened its first standalone liquor store called WCellar.
79)Bidvest Financial Service is selling 100% shareholding in Cannon Asset Managers to Seriti Capital
80) Anglo American plc sold its 33.3% interest in the Cerrejón to Glencore for $294m.
81) BHP also sold its 33.3% stake in Cerrejón to Glencore for ~$300m.
82) Yoco raised $83m (R1.2bn) in Series C funding to accelerate the development of its platform and expand internationally
81) BHP also sold its 33.3% stake in Cerrejón to Glencore for ~$300m.
82) Yoco raised $83m (R1.2bn) in Series C funding to accelerate the development of its platform and expand internationally
83) Ellies Holdings has concluded a
B-BBEE agreement with Imvula Education Empowerment Fund Trust valued at R18,5m.
Imvula subscribed to ~185m ordinary shares in Ellies at 10 cents per share, resulting in a BEE shareholding in Ellies Holdings of 23%
B-BBEE agreement with Imvula Education Empowerment Fund Trust valued at R18,5m.
Imvula subscribed to ~185m ordinary shares in Ellies at 10 cents per share, resulting in a BEE shareholding in Ellies Holdings of 23%
84) Absa Group has re-engaged advisors and is again considering implementing a new B-BBEE ownership transaction.
It envisages that the scheme will be broad-based, will include both 3rd party investors and staff and that it could constitute up to 8% of Absa’s share capital.
It envisages that the scheme will be broad-based, will include both 3rd party investors and staff and that it could constitute up to 8% of Absa’s share capital.
85) Tiger Brands is exiting Nigeria by selling its 49% minority shareholding in UAC Foods to UAC of Nigeria that held the other 51%.
86) Shoprite announced that it is exiting a few more African markets being 10 stores in Madagascar and 5 in Uganda.
86) Shoprite announced that it is exiting a few more African markets being 10 stores in Madagascar and 5 in Uganda.
87) Curro Holdings bought two schools; HeronBridge College and St George Preparatory School.
88) Black Mountain Investment Management made an offer to buy CNA for R2m. Astoria had sold its 70% stake in CNA to the current management team.
89) Massmart acquired 87.5% of OneCart.
88) Black Mountain Investment Management made an offer to buy CNA for R2m. Astoria had sold its 70% stake in CNA to the current management team.
89) Massmart acquired 87.5% of OneCart.
90) Arnot OpCo signed a 10year (2m tonnes of coal a year) Coal Supply Agreement (supply the full coal requirement for the life of Arnot Power Station) with Eskom for the supply of coal for the Arnot Power Station.
91) Governor has stated that there is a good chance that the disposal of SARB's 50% stake in African Bank will be by way of an initial public offering as no single buyer had come forward to purchase it.
92) Clover is moving its cheese factory from Lichtenburg in the North West to Queensburgh, KZN and the operations to operations.
This is due to poor (service delivery) water and electricity supply by the Ditsobola Local Municipality.
The elocation will cost Clover R1,5bn.
This is due to poor (service delivery) water and electricity supply by the Ditsobola Local Municipality.
The elocation will cost Clover R1,5bn.
93) Accel-KKR made a significant investment in Entersekt (a global leader in device identity and authentication solutions based in Cape Town).
94) RMB and AB InBev’s corporate venture capital ZX Ventures acquired an equity stake in alcohol-free drinks company The Duchess
94) RMB and AB InBev’s corporate venture capital ZX Ventures acquired an equity stake in alcohol-free drinks company The Duchess
95) African Rainbow Capital Financial Services (ARC FS) is part of a consortium, led by Ethos Mid-Market Fund I, which has entered into agreements to acquire
100% of Crossfin.
ARC FSH will only acquire 37.33% of Crossfin via the consortium R600m.
100% of Crossfin.
ARC FSH will only acquire 37.33% of Crossfin via the consortium R600m.
96) Transaction Capital ⬆️ its holding in WeBuyCars to 74.9% from 49.9% for a total investment of ~R3.4 billion split as follows;
Initial investment of R1.8bn for 49.9% and
R1.6 billion for the 25%.
Remaining 25.1% to be held by founding shareholders.
Initial investment of R1.8bn for 49.9% and
R1.6 billion for the 25%.
Remaining 25.1% to be held by founding shareholders.
97) WeBuyCars bought and took ownership of the Ticketpro Dome.
98) Thebe Investment Corporation sold Thebe Tourism Group (TTG) to its management team (led by CEO Jerry Mabena, Brett Hendricks, Cobus Du Plessis and Judiet Barnes) and Futuregrowth Private Equity.
98) Thebe Investment Corporation sold Thebe Tourism Group (TTG) to its management team (led by CEO Jerry Mabena, Brett Hendricks, Cobus Du Plessis and Judiet Barnes) and Futuregrowth Private Equity.
99) Ethos Fund VI is selling 100% of paper and packaging business Neopak Holdings to Corruseal Group which it had purchased in 2015 from Nampak.
100) BEE Consortium named Serialong led by Bonang Mohale converted the loan outstanding of R30 929 189 into 11.46% Purple Group shares
100) BEE Consortium named Serialong led by Bonang Mohale converted the loan outstanding of R30 929 189 into 11.46% Purple Group shares
101) African Rainbow Energy and Power expanded its investment into renewable energy earlier this year with a strategic 40% stake in the Sola Group.
SOLA has a deal with Amazon
SOLA has a deal with Amazon
102) Mediclinic signed a 12yr power purchase agreement with Moshesh Partners to install solar photovoltaic (PV) generating systems (4 100MW per year) at 6 of its hospitals, with the option to extend it to 25 years.
The solar facilities will be built by ACES Africa.
The solar facilities will be built by ACES Africa.
103) Investec Bank plc has acquired a significant minority stake in Capitalmind.
Capitalmind has had 200+ successful transactions in the past 5 years.
Capitalmind's services include; M&A, growth / equity capital, debt advisory, buyout / MBO, carve out, restructuring.
Capitalmind has had 200+ successful transactions in the past 5 years.
Capitalmind's services include; M&A, growth / equity capital, debt advisory, buyout / MBO, carve out, restructuring.
104) Balwin Properties entered into an agreement with Tentacle Properties to acquire a number of properties (300 hectares of land) in the South of Johannesburg for a minimum of R100m and a maximum of R330m.
105) Competition Commission prohibited Sasol's R1.46bn sale of its sodium cyanide business to Draslovka (Czech Republic specialty chemicals company).
Sasol is the only producer of liquid cyanide in South Africa.
Sasol is the only producer of liquid cyanide in South Africa.
106) TFG entered into an agreement to acquire 100% of Quench, a digital, on-demand shopping platform and last mile delivery provider.
107) Sanlam Life Insurance is acquiring 100% of Alexander Forbes’ Individual Client Administration business for a cash consideration of R200m.
107) Sanlam Life Insurance is acquiring 100% of Alexander Forbes’ Individual Client Administration business for a cash consideration of R200m.
108) Sanlam concluded a sale and transfer of business agreement with Alexander Forbes Group Holdings which will result in Sanlam Life Insurance disposing of its operations in relation to large stand-alone retirement fund administration to Alexander Forbes for R154m cash.
109) Coca-Cola Company announced plans to list Coca-Cola Beverages Africa as a publicly traded company in the next 18 months.
110) TTM Football Club was sold to Dr Abram Sello.
111) TTM then acquired the status of Royal AM.
112) Royal AM bought Bloemfontein Celtics.
110) TTM Football Club was sold to Dr Abram Sello.
111) TTM then acquired the status of Royal AM.
112) Royal AM bought Bloemfontein Celtics.
113) Santam is buying 76% (that it doesn't own already) of Indwe Broker Holdings(an independent brokerage firm) for R125m to be settled in cash.
Indwe's current shareholding;
African Rainbow Capital FS - 51%,
Sanlam 25% and
Santam 24%.
Indwe's current shareholding;
African Rainbow Capital FS - 51%,
Sanlam 25% and
Santam 24%.
114) Telkom SOC Ltd announced that it has plans to list its masts and towers business, Swiftnet on the JSE to unlock shareholder value.
115) Vodacom Group acquired a strategic stake (30% with an option to buy +10%)in Community Investment Ventures Holdings (CIVH) for R6bn.
115) Vodacom Group acquired a strategic stake (30% with an option to buy +10%)in Community Investment Ventures Holdings (CIVH) for R6bn.
116) IHS Towers listed on the NYSE. MTN Group’s shareholding post the IPO ⬇️ 25.8% from 29%.
117) Prosus sold 2% of Tencent and generated proceeds of $14.6bn and won't sell again in the next 3 years. Naspers 2001 acquired a 46.5% stake in Tencent in 2001 for a mere lousy $32m.
117) Prosus sold 2% of Tencent and generated proceeds of $14.6bn and won't sell again in the next 3 years. Naspers 2001 acquired a 46.5% stake in Tencent in 2001 for a mere lousy $32m.
118) Udemy filed regulatory paperwork for an IPO on Nasdaq.
In 2015, Naspers through its Naspers Ventures made a strategic investment of ~$60m in Udemy and has since invested +/-$121m in Udemy.
Prosus holds a ~13.98% stake in Udemy
In 2015, Naspers through its Naspers Ventures made a strategic investment of ~$60m in Udemy and has since invested +/-$121m in Udemy.
Prosus holds a ~13.98% stake in Udemy
119) Prosus invested $3.6bn in FY21 vs $1.3bn invested in FY20.
Significant investments include:
Delivery Hero - $2.6bn
Movile - $191m
OfferUp - $100m
Grupo ZAP - $89m
EMPG - $75m
Wolt - $70m
Remitly - $67m
Eruditus - $60m
Swiggy $41m.
Significant investments include:
Delivery Hero - $2.6bn
Movile - $191m
OfferUp - $100m
Grupo ZAP - $89m
EMPG - $75m
Wolt - $70m
Remitly - $67m
Eruditus - $60m
Swiggy $41m.
120) Prosus’s latest acquisitions/investments in Edtech:
Stack Overflow for $1.8bn (community and Q&A platform for developers).
62% of GoodHabitz for $259m, (online corporate training leaders)
$500m investment in Skillsoft (corporate digital learning company in the US).
Stack Overflow for $1.8bn (community and Q&A platform for developers).
62% of GoodHabitz for $259m, (online corporate training leaders)
$500m investment in Skillsoft (corporate digital learning company in the US).
121) Public Investment Corporation concluded a purchase agreement to acquire 100% of the leasehold rights which include the office building and letting enterprise housing Deloitte as the anchor tenant, in the prime location of Waterfall in
Midrand.
Midrand.
123) Cell C has rented out some parts of its famous Midrand offices.
The Cell C campus in Midrand was developed by Atterbury who later sold it to the Attacq Property Fund.
Cell C took occupation of its campus at the end of 2013 on a 15-year lease.
The Cell C campus in Midrand was developed by Atterbury who later sold it to the Attacq Property Fund.
Cell C took occupation of its campus at the end of 2013 on a 15-year lease.
124) The Financial Sector Conduct Authority suspended the exchange licence of ZAR X effective from 20 August 2021.
125) Industrial Development Corporation (IDC) received a firm cash offer for a portion of its shares in Foskor. IDC owns 59% of Foskor.
125) Industrial Development Corporation (IDC) received a firm cash offer for a portion of its shares in Foskor. IDC owns 59% of Foskor.
126) it was said that Basani Maluleke (former CEO) was "forced out" of African Bank.
127) Basani Maluleke is now with Capitec.
128) Nedbank listed a R1.09bn green bond on the JSE’s Sustainability Segment, whose proceeds will be used to fund green residential developments.
127) Basani Maluleke is now with Capitec.
128) Nedbank listed a R1.09bn green bond on the JSE’s Sustainability Segment, whose proceeds will be used to fund green residential developments.
129) JSE has approved the listing of six SA Taxi Holdings’ valued at a total of R900m with a maturity of 1 and 10 yrs.
SA Taxi will use the proceeds from the social bonds to finance economic development, support social inclusion, hire inclusively, & promote climate resilience.
SA Taxi will use the proceeds from the social bonds to finance economic development, support social inclusion, hire inclusively, & promote climate resilience.
130) Texton Property Fund entered into an agreement with Isibaya Properties to dispose of its KwaZulu-Natal CBD retail asset known as Golddurb, let to Truworths as the anchor tenant for R125 million and will be settled in cash.
131) Pacific Investment Management extended a R3bn (ZAR denominated) loan to the Development Bank of Southern Africa that is intended for DBSA to refinance its green loan book with a 3 year tenor.
132) Rand Merchant Investment Holdings’ unbundled its stake in Discovery (25%) and Momentum Metropolitan Holdings (MMH) (27.3%)
132) One Capital Advisory made a killing of R250 million in fees for helping Northam Platinum replace its Zambezi Platinum BEE scheme and implement a new BEE scheme.
Of the ~R331m in fees, R250m went to One Capital
Of the ~R331m in fees, R250m went to One Capital
133) Saudi Aramco signed a $15.5bn lease and leaseback deal involving its gas pipeline network with a consortium led by BlackRock Real Assets and Hassana Investment (controlled by the Saudi government’s pension fund).
Saudi Aramco will receive upfront proceeds of $15.5bn.
Saudi Aramco will receive upfront proceeds of $15.5bn.
134) Saudi Aramco is still paying the $75bn annual dividend it promised in 2019 when it listed.
135) Saudi Aramco raised $6 billion through the world’s largest US-dollar corporate Sukuk.
135) Saudi Aramco raised $6 billion through the world’s largest US-dollar corporate Sukuk.
136) Newcastle United has been sold to a consortium led by Saudi Arabia Public Investment Fund - 80%, PCP Capital Partners 10% and RB Sports&Media 10% for £300m
Premier League received legally binding assurances that the Kingdom of Saudi Arabia will not control Newcastle United.
Premier League received legally binding assurances that the Kingdom of Saudi Arabia will not control Newcastle United.
137) Goldman Sachs’ asset management unit agreed to buy NN Investment Partners for ~€1.6bn.
NN Investment Partners has ~€298bn of assets under management
Goldman Sachs Asset Management has ~$2.3tn in assets under supervision.
NN Investment Partners has ~€298bn of assets under management
Goldman Sachs Asset Management has ~$2.3tn in assets under supervision.
138) Morgan Stanley bought Eaton Vance Corp in a stock and cash transaction.
Eaton Vance had $500bn in assets under management.
With the addition of Eaton Vance, Morgan Stanley will oversee $5.4trn of client assets across its Wealth Management and Investment Management segments
Eaton Vance had $500bn in assets under management.
With the addition of Eaton Vance, Morgan Stanley will oversee $5.4trn of client assets across its Wealth Management and Investment Management segments
139) Wells Fargo agreed to sell its asset management arm to US private equity firms, GTCR and Reverence Capital for $2.1bn.
Wells Fargo Asset Management has ~$603bn in assets under management.
Wells Fargo Asset Management has ~$603bn in assets under management.
140) Bank of Montreal has agreed to sell its EMEA asset management business to Ameriprise Financial Inc for $870 million in an all-cash transaction.
141) Saudi Arabia’s sovereign wealth fund, Public Investment Fund(PIF) will be buying a minority stake in Horacio Pagani.
141) Saudi Arabia’s sovereign wealth fund, Public Investment Fund(PIF) will be buying a minority stake in Horacio Pagani.
142) McLaren Group raised £550m.
This capital raise makes Saudi Arabia’s Public Investment Fund (PIF) a minority shareholder.
£400m came from PIF and Ares Management in the form of preference shares.
£150m came from Bahrain’s Mumtalakat.
This capital raise makes Saudi Arabia’s Public Investment Fund (PIF) a minority shareholder.
£400m came from PIF and Ares Management in the form of preference shares.
£150m came from Bahrain’s Mumtalakat.
143) Aspen deleverage its balance sheet well in the last 2-3 FYs.
Aspen’s net borrowings has drastically ⬇️.
Dec-18: R53.5bn
Jun-19: R38.9bn
Jun-20: R35.2bn
Jun-20: R16.5bn.
Aspen is selling non-core assets and using the proceeds to pay down debt and made another sale.
Aspen’s net borrowings has drastically ⬇️.
Dec-18: R53.5bn
Jun-19: R38.9bn
Jun-20: R35.2bn
Jun-20: R16.5bn.
Aspen is selling non-core assets and using the proceeds to pay down debt and made another sale.
144) Aspen’s Net debt / EBITDA stood at 1.74x, below Aspen’s self-imposed target of 3.0x and covanent of 4.0x
Net debt/EBITDA has many uses such as measuring amount of net income that is available to pay debt before covering interest, tax, depreciation, and amortization expenses
Net debt/EBITDA has many uses such as measuring amount of net income that is available to pay debt before covering interest, tax, depreciation, and amortization expenses
145) Aspen’s interest cover ratio has also strengthen to 8.57 as at from a modest low of 6.78 in H1 2021 and 6.53 as at
The interest cover ratio is used to determine how well a company can pay the interest on its outstanding debts (riskiness of lending capital to a company).
The interest cover ratio is used to determine how well a company can pay the interest on its outstanding debts (riskiness of lending capital to a company).
146) Inevitably, Aspen’s net funding costs have also decreased from R1.5bn in FY20 to R1.08bn in FY21.
147) The huge debt pile of R53.5bn in 2019 led to Aspen halting dividend payments which it reinstated in Sep 2021 paying a dividend of 262c
147) The huge debt pile of R53.5bn in 2019 led to Aspen halting dividend payments which it reinstated in Sep 2021 paying a dividend of 262c
148) As at 30 Sept 2021, MTN Group net debt was R38.4bn. This is a ⬇️ from R41.5bn as at 31 Mar 2021 and R49.7bn as at Dec 2020.
149) MTN Group net debt-to-EBITDA ratio is 0.6x, which is within covenant limits of 2,5x. An ⬆️ from 0.8x at 31 Dec 2020.
149) MTN Group net debt-to-EBITDA ratio is 0.6x, which is within covenant limits of 2,5x. An ⬆️ from 0.8x at 31 Dec 2020.
150) Interest cover improved from 5.9x as at 31 Mar 2021, to 7.3x as at 30 Sep 2021 which is within the covenant limit of no less than 5,0x.
151) Group's net debt to core profit ratio, was at 2.2x which was above its stated target of 1.5x.
151) Group's net debt to core profit ratio, was at 2.2x which was above its stated target of 1.5x.
152) MTN Group’s ratio of non-rand to rand-denominated debt at Group level stood at 47:53 against its medium-term target of 40:60.
153) Stadio's Centurion multi-faculty campus was constructed over 2 yrs at a cost of >R223m and phase 1 will open officially in 2022.
153) Stadio's Centurion multi-faculty campus was constructed over 2 yrs at a cost of >R223m and phase 1 will open officially in 2022.
154) Stadio recently appointed SIS Global to undertake a strategic transformation project as well as to help Stadio to differentiate from the competition and drive best practice across its institutions to achieve its long-term goal of serving 100,000 students.
155) MTN Group intends on exiting the Middle East market and is currently negotiating to sell its 75% in its Syrian unit for R982 million to TeleInvest, which owns the other 25% stake in the Syrian unit.
The Syrian business was placed under judicial guardianship.
The Syrian business was placed under judicial guardianship.
156) MTN also planning on spinning-off its fintech business .
MTN values its mobile money arm at ~$5bn (~R75bn) and is preparing to sell or list a minority stake to draw global investors enticed by fast-growing fintech assets.
MTN values its mobile money arm at ~$5bn (~R75bn) and is preparing to sell or list a minority stake to draw global investors enticed by fast-growing fintech assets.
157) Nestlé agreed to sell 22.26m (4%) of L'Oréal shares to L'Oréal for €400/share for a total consideration of €8.9bn. L'Oréal will cancel the repurchased shares.
Nestlé will own 20.1% of L'Oréal (⬇️ from 23.3%) and retain its 2 positions on the L'Oréal Board of Directors.
Nestlé will own 20.1% of L'Oréal (⬇️ from 23.3%) and retain its 2 positions on the L'Oréal Board of Directors.
158) Blackstone’s Core+ Real Estate signed a binding agreement to acquire Singapore Sovereign Wealth Fund, GIC’s 49% stake in the Dexus Australia Logistics Trust, an existing joint venture with Dexus that owns a portfolio of high-quality logistics assets in Australia for $1.5bn
159) Accenture completed the acquisition of King James Group (founded in 1998 with locations in Cape Town and Johannesburg) , a highly awarded creative agency with deep expertise in brand strategy, creativity and digital marketing services.
160) Grab Holdings, the largest ride-hailing and food delivery firm in Southeast Asia, clinched a merger with Special-Purpose Acquisition Company (SPAC) Altimeter Growth Corp securing a valuation of nearly $40 billion and paving the way for a coveted U.S. listing.
161) A consortium of private equity groups (Blackstone, Carlyle, Hellman & Friedman and Singapore Investment) reached a deal to buy medical supply group Medline for $34bn including debt.
This ranks as 1 of the largest ever private equity deals, behind 2007 $44bn buyout of TXU.
This ranks as 1 of the largest ever private equity deals, behind 2007 $44bn buyout of TXU.
162) Insurance brokers Aon and Willis Towers Watson agreed to terminate their $30 billion merger agreement due to push backs from regulators
Aon had to pay $1bn as a termination fee to Willis Towers Watson.
Aon had to pay $1bn as a termination fee to Willis Towers Watson.
163) Athenahealth entered into a definitive agreement to be jointly acquired by Bain Capital (famous for the Edcon LBO in SA) and Hellman & Friedman for $17billion from Veritas Capital and Evergreen Coast Capital.
164) M&G plc has became the majority shareholder in Prudential Investment Managers after M&G ⬆️ its shareholding in Prudential from 49.99% to 50.12%. As part of Prudential’s reversion to being a subsidiary of M&G, it will be rebranded as M&G.
165) Prudential Plc raised HK$18.8 billion ($2.4 billion) from its Hong Kong share offering used a majority of the proceeds to pay down debt.
166) Members of LV= rejected selling of insurance mutual to Bain Capital for £530m.
166) Members of LV= rejected selling of insurance mutual to Bain Capital for £530m.
167) Volvo Cars listed on Nasdaq Stockholm and is Europe's biggest IPO of 2021 so far.
168) Donald Trump’s social media start-up raised $1bn in private investment in public equity (Pipe) financing with plans to go public via a merger with a special purpose acquisition company.
168) Donald Trump’s social media start-up raised $1bn in private investment in public equity (Pipe) financing with plans to go public via a merger with a special purpose acquisition company.
169) Amazon beat Apple and Comcast in the race to to buy Metro-Goldwyn-Mayer Studios Inc (MGM).
Amazon has sealed a deal to buy MGM for ~$8.45 billion. Amazon won the race because it was prepared to pay ~$3 billion more Apple and Comcast for MGM.
Amazon has sealed a deal to buy MGM for ~$8.45 billion. Amazon won the race because it was prepared to pay ~$3 billion more Apple and Comcast for MGM.
170) When Amazon won the rights to broadcast 80% of the top French division’s for a mere lousy $302m per year for 3 seasons in June, they didn't know that they are about to hit it big with Messi's arrival in ligue 1.
171) Adidas sold the Reebok business to Authentic Brands Group for $2.5bn. Adidas bought Reebok for $3.8bn in 2006 to help compete with rival Nike.
172) AT&T agreed to spin off and merge WarnerMedia with Discovery.
AT&T received $43bn in a combination of cash, debt securities, and WarnerMedia’s retention of certain debt, and AT&T’s shareholders received 71% of the new company.
AT&T received $43bn in a combination of cash, debt securities, and WarnerMedia’s retention of certain debt, and AT&T’s shareholders received 71% of the new company.
173) Ericsson agreed to pay $6.2bn in cash for cloud-based services group Vonage (had a market value of $3.6bn) which represented Ericsson’s biggest ever acquisition.
174) KKR attempted to take Telecom Italia private in a €33bn deal.
KKR (already holds a 37.5% stake in Telecom Italia’s “last mile” network) offered €0.505 a share in cash which gave Telecom Italia an equity value of €10.7bn. However, Telecom Italia had €22.5bn of net debt.
KKR (already holds a 37.5% stake in Telecom Italia’s “last mile” network) offered €0.505 a share in cash which gave Telecom Italia an equity value of €10.7bn. However, Telecom Italia had €22.5bn of net debt.
175) Fortress has Accordia Golf, Japan’s largest portfolio of golf courses from MBK and Fortress agreed to pay an enterprise value of $3.5bn (¥400bn) that includes about ¥232bn in debt.
Private equity group MBK bought Accordia Golf at an equity value of $760m in 2016.
Private equity group MBK bought Accordia Golf at an equity value of $760m in 2016.
176) Unilever entered into an agreement to sell its global Tea business, ekaterra, to CVC Capital Partners Fund for €4.5 billion on a cash-free, debt-free basis.
ekaterra's portfolio has 34 brands including Lipton, PG tips, Pukka, T2 and TAZO and had a revenue of €2bn in 2020.
ekaterra's portfolio has 34 brands including Lipton, PG tips, Pukka, T2 and TAZO and had a revenue of €2bn in 2020.
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