M&A Roundup: FlySafair to buy Mango Airlines if put up for sale

Also: Taste Holdings going into voluntary liquidation and PSV Holdings goes into business rescue.

Taste Holdings is in the process of placing its food business into voluntary liquidation after a failed attempt to offload its Domino’s Pizza business. It couldn’t find a buyer for the Domino’s Pizza business.

A deal could not be concluded on terms acceptable to the parties during talks with several parties, and Domino’s Pizza International is not providing additional financial support.

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FlySafair has expressed its interest in purchasing Mango Airlines, if it is put up for sale. The airline’s CEO Elmar Conradie confirmed the potential move on Tuesday. FlySafair could soon be making further expansions to its operations with a new acquisition. 

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Adcock Ingram has concluded an agreement to buy all shares of home and shoe care supplier Plush Professional Leather Care for an as yet undisclosed price. 

According to an announcement on Wednesday, Adcock Ingram’s board of directors saw the deal as an opportunity to move into the home care market, which was “firmly in line with Adcock Ingram’s strategy of diversifying into less regulated product classes in the consumer sector”.

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Ninety One finished nearly three percent higher during Wednesday’s close on the Johannesburg Stock Exchange (JSE), with the investment firm having a better day after a bloodbath on global financial markets due to the coronavirus pandemic. 

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Metair is investing R650 million in a range of automotive component businesses, said MD Theo Loock.

This comes as each of the businesses in the Automotive Components Vertical “successfully secured major contracts arising from new-vehicle launches, planned to service the export and local markets”.

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Tower Property Fund, which owns properties in South Africa and Croatia, said it has sold a retail property in Croatia for €12.4 million (about R228 million), which will be used to reduce its debt. 

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PSV Holdings has put the financially distressed company into business rescue.

In February, the board began monitoring the financial position of the PSV group and engaged with key stakeholders, including lenders and creditors.

Read more here.