M&A Roundup: Sun International and Redefine Properties exit Nigeria
Also: Vox Telecom South Africa and RMB agree to buy out Investec as part of R2 billion recapitalisation.
Redefine Properties is in advanced discussions to “sell” its 37.1 percent stake in the landmark Oando Wings office towers development (pictured) in Nigeria’s largest city, Lagos, to Growthpoint Investec African Properties.
Vox Telecom South Africa shareholders including FirstRand’s RMB agreed to buy out fellow investor Investec as part of a R2 billion recapitalisation of the South African fibre-network operator, according to Bloomberg.
Sun International, the owner of casino and entertainment assets across South Africa and Latin America, said on Monday it would proceed with a plan to sell its investment in Nigeria.
Sun International wants to exit Nigeria amid a shareholder dispute surrounding the Tourist Company of Nigeria (TCN), in which Sun International bought a 49 percent interest in 2006.