M&A Roundup: Naspers sells shares in Prosus and Labat Africa invests into more cannabis

Also: Anglo American to acquire Sirius Minerals and African Rainbow Capital buys Alexander Forbes stake.

Delta Property Fund has sold shares in Grit Real Estate Income Group worth R104.4 million, so it can reduce debt and supplement its capital spending.

Delta sold some 6.5-million shares in Grit for R16.06 a share in an off-market transaction, with the move reducing its shareholding in that property counter to 5.7 percent, from 7.8 percent.

Read more: Delta Property Fund sells its Grit shares 

Naspers has sold around €1.5 billion (R24 billion) worth of shares in Prosus, the Amsterdam-listed subsidiary housing its internet empire. 

The e-commerce group sold about 22 million Prosus shares, priced at 67.5 euros per share, on Tuesday via an accelerated bookbuild to institutional investors. This increased Prosus’ free float to 27.5 percent from 26.2 percent, and reduced Naspers’ holding to 72.5 percent. 

Read more: Naspers raises R24 billion via Prosus share sale

Orion Minerals has begun a formal process that may lead to the introduction of a strategic project-level equity partner and investor in its flagship Prieska Copper-Zinc Project in South Africa. These include unsolicited approaches from interested parties which could potentially enhance project value through the provision of technical or financial support. 

Read more: Orion Minerals begins partnering process for Prieska Copper-Zinc Project

Labat Africa has agreed to buy a business that offers training and education for cannabis production for R15 million.

Labat Africa said it will acquire a 70 percent interest in a business to be known as CannAfrica for R15-million, to be settled through the issue of 15-million ordinary Labat Africa shares, at an issue price of R1 per share.

The remaining 30 percent will be held by Herschel Maasdorp (pictured), who will be appointed CEO of the retail division of Labat Healthcare.

Read more: Labat invests further into cannabis industry 

Anglo American has reached agreement on the terms of a recommended cash transaction in which its subsidiary Anglo American Projects (Bidco) would acquire the entire issued share capital of Sirius Minerals.

The acquisition values the entire issued and to-be-issued share capital at about £404.9 million (R7.6 billion). 

Read more: Anglo American reaches cash deal on Sirius Minerals acquisition 

Intu Properties confirmed it would push ahead with a capital raise thought to be worth as much as £1 billion (R19 billion). The shopping centre owner plans to tap investors for funds alongside its full-year results at the end of February.

Read more: Shopping centre owner Intu aims to raise up to R19 billion

African Rainbow Capital is set to become the new majority shareholder at Alexander Forbes, after announcing plans to buy over R1 billion of the pension fund administrator’s shares.

Alexander Forbes has announced that its largest shareholder, Mercer Africa, which owns a 34 percent stake, intends to dispose of its entire investment of 442.8-million shares in Alexander Forbes Group Holdings.

African Rainbow Capital said it was going to buy 193 million shares from Mercer Africa for R1.013 billion. This will take its stake in the pension fund administrator to 28.6 percent.

Read more: Motsepe’s ARC to become Alexander Forbes’ biggest shareholder