Who's doing what in the South African M&A space? JSE Listed Companies

Allied Electronics' subsidiary Netstar has signed a joint venture agreement with international company C Ahead Technologies to offer insurance and fleet telematics in India. Netstar's intellectual property will be introduced into the underpenetrated Indian vehicle telematics market which is expected to grow by 25% per annum.

Stadio is to acquire Prestige Academy for an undisclosed sum. Prestige is a private higher education provider with 27 registered qualifications offered at its campus in Bellville and 4 registered qualifications offered at is campus in Centurion.

Howden Africa has released details of its firm intention to acquire all shares not held by Howden Group South Africa and James Howden & Godfrey Overseas. The company will repurchase the shares through a scheme of arrangement and a conditional general offer. Shares will be repurchased for a cash consideration of R44.00 per share. The company will delist from the JSE if the Scheme becomes operative or the General Offer becomes wholly unconditional and is implemented.

Long4Life has disclosed it has entered the healthcare sector with the acquisition of a 61% stake in ClaytonCare, a sub-acute rehabilitation medical group.

Santova has acquired 100% of the issued share capital of UK international freight company SAI Logistics from S Phillips and A Hart. The purchase price will be paid in cash and will be funded through a combination of internal cash reserves and a new R75 million medium term loan facility. A total of 2,62 million (R49 million) will be paid over a three year period subject to the fulfilment of a profit warranty.

Investec Asset Management through its African Private Equity Fund has made its first investment in the African education sector with the acquisition of a controlling stake in Richfield, a private sector tertiary education provider in South Africa. The size and cost of the stake was not disclosed.

Intu Properties has disclosed to shareholders that it has received an indicative proposal from a Consortium of 215 pence per share in cash, subject to an adjustment for dividends. The company has granted the Consortium access to certain due diligence materials in order to advance discussions regarding a possible firm intention announcement. The Consortium has until November 1, 2018 to announce a firm intention to make an offer for the Company.

eXtract has advised shareholders that it would be in the best interests of the company to delist from the JSE subject to securing the requisite approval from shareholders and the JSE. Inhlanhla Trust Investments will make a general offer to acquire all eXtract shares from shareholders who do not wish to hold shares in an unlisted structure. The offer will be made for a cash consideration of R6.00 per eXtract share.

Unlisted Companies

Public Investment Corporation and Pelo Agricultural Ventures, a black-owned investment company, are set to acquire a majority shareholding in Karan Beef for up to R5,2 billion. Karan Beef operates the largest cattle feedlot and abattoir on the continent. While SA is the company's largest market, it exports to a number of Middle East countries as well as Egypt, Mauritius, Seychelles, China and Hong Kong.

Echo Service Provider, the local independent integrator of advanced network and cloud computing services, has merged with the ISP operations of Gondwana International Networks (GIN) across Africa. The combined entity will operate in nine markets with its own networks and leverage off the pan-regional reach of its more than 35 partner networks across the continent.

DealMakers is SA's M&A publication.www.dealmakers.co.za

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