M&A Roundup: Naspers, Absa and struggling Edcon make headlines this week

MultiChoice to list on JSE, Edcon hopes for PIC funding and Absa joins with French bank.

Naspers’ video entertainment business, MultiChoice Group, will list on the Johannesburg Stock Exchange (JSE) on 27 February this year. 

Read more: Naspers’ video entertainment business IPO set for February 

South African construction firm Aveng has entered into an agreement with black-owned firm, Infinity Partners, to sell Aveng Water and Aveng Namibia Water for R95 million. 

Read more: Aveng to sell non-core assets 

African private equity fund manager Advanced Finance and Investment Group (AFIG), has acquired 29.9 percent of Nigeria’s NEM Insurance shares from some existing shareholders. 

Read more: AFIG acquires 29.9 percent in Nigerian insurance company 

Absa and French bank Societe Generale have joined forces and signed off a memorandum of understanding to expand their activities through the development of a pan-African wholesale banking offering. 

Separately, Absa agreed to acquire Societe Generale’s custody, trustee and clearing services operated in South Africa.

Read more: Absa joins forces with Societe Generale 

Struggling Edcon is in talks with the Public Investment Corporation (PIC) to raise funding in a bid to rescue the retailer. Edcon didn’t disclose the funding it might receive from the PIC but estimates are pegged at R3 billion. 

Read more: Struggling Edcon in talks with PIC for rescue funding 

Tiger Brands has sold eight million ordinary shares in Oceana to investment holding group Brimstone. The shares represent 5.9 percent of OCeana’s shares in issue and will raise Brimstone’s shareholding in Oceana to 22.88 percent. 

Read more: Tiger Brands to sell part of its Oceana shares to Brimstone 

Boston-based investment firm Berkshire Partners will acquire a majority stake in South Africa’s data centre operator Teraco Data Environments

The deal is subject to the approval of the Competition Commission, South Africa’s competition watchdog. The deal is expected to close in the first quarter of 2019.

Read more: Berkshire Partners buys majority stake in datacentre firm Teraco 

South African software engineering and solutions company, Entelect, has entered into an agreement to purchase a majority stake in Fixx iT, a software engineering and professional services company headquartered in Zeist, Netherlands. 

Pending the completion of the purchase agreement, Entelect will take a controlling, majority stake of 87.9 percent of Fixx iT. 

Read more: Entelect to acquire a majority stake in netherlands-based Fixx iT