M&A Roundup: Competition Commission approves deals for Tiso Blackstar and Weelee
Also: Implats buys Canadian miner, SweepSouth raises R50 million, and Long4Life triples stake in Spur.
Impala Platinum (Implats) has announced a deal to buy North American Palladium (NAP) for almost R11.5 billion.
Implats has a 24 percent share in NAP and said that the deal will help the company move away from high-cost, deep-level conventional mining.
Read more: Implats to buy Canadian miner
South Africa’s Competition Commission has recommended that the Competition Tribunal approve the proposed takeover of Tiso Blackstar Group’s media assets by Lebashe Investment Group without conditions.
The commission found that the proposed transaction is unlikely to result in a substantial prevention or lessening of competition in any relevant markets. The commission further found that the proposed transaction does not raise any public interest concerns.
SweepSouth says it aims to grow its market share in South Africa and launch additional services following the closure of a funding round that has seen the company raise more than R50 million in new investment.
According to Aisha Pandor (pictured), chief executive and co-founder of SweepSouth, this worker-centric approach will also be a primary consideration as it expands into new markets and offering services beyond domestic services.
Long4Life has more than tripled its stake in Spur Corporation to 12.5 percent. The transaction, which is worth about R220 million, takes Long4Life’s interest in Spur from 4 percent to 12.5 percent.
The purchase of 9.2 million Spur shares for about R24 per share on Friday also means Long4Life now holds 14.3 percent of the company’s shares in issue that have voting rights.
Read more: Long4Life increases its stake in Spur
Weelee has been granted permission by the Competition Tribunal to intervene in the proposed takeover of its competitor WeBuyCars by Naspers subsidiary MIH eCommerce.
According to the commission, Weelee applied to be recognised as an “intervenor” in the merger proceedings arguing that it is a competitor to WeBuyCars and that while it has been called as a witness for the commission this status does not give it sufficient protections over its interests.