M&A Roundup: Naspers, Huge Group and Vodacom make headlines
Also: African Battery Metals enters share acquisition and Rebosis Property Fund to sell three shopping malls.
South Africa’s Competition Commission said the acquisition of vehicle-purchasing service WeBuyCars by technology giant Naspers should be blocked because it could lead to higher used-car prices in South Africa.
The commission said that it is concerned that the proposed merger would result in the foreclosure of WeBuyCars’ competitors on the sell side.
African Battery Metals has entered into a share acquisition and earn-in agreement regarding a nickel - platinum group metals (PGM) opportunity in Botswana.
The company has acquired an 18.26 percent stake in Kalahari Key Mineral Exploration for $194,810.
African Battery Metals is also expected to opt for an earn-in to a 40 percent direct project interest in the MFC Project by spending $500 000 by December 31, 2020 on ground exploration, primarily for the completion of drilling of four targets at the MFC Project.
Huge Group has agreed to acquire a shareholding in Pansmart, which gives the company control over distributing Panasonic’s voice, video and CCTV products, as of 13 May.
Pansmart will retain its name, but incorporate Huge Group branding alongside its current branding.
Read more: Huge Group buys stake in Pansmart
Vodacom plans to acquire a 51 percent stake in South Africa’s Internet of things specialist IoT.nxt. The deal is subject to approval by South Africa’s Competition Commission.
Read more: Vodacom plans to acquire IoT.nxt
Rebosis Property Fund plans to sell three shopping malls for R1.8 billion to Vukile Property Fund.
Rebosis said the proceeds from the sale will be used to reduce its high levels of debt.
The three shopping malls that will be sold to Vukile Property Fund are Mdantsane City Shopping Centre in Eastern Cape, and Pretoria-based Sunnypark Shopping Centre and Bloedstreet Mall. The sale is expected to become effective at the end of August 2019.