In the headlines: Grant Thornton completes BDO merger and Telkom eyes Cell C.
The merger of audit firms Grant Thornton and BDO South Africa has been completed, effective from 1 December 1.
The successful merger is expected to create the largest mid-tier accounting firm in South Africa with fees in excess of R1.2 billion. It will also position the combined firm as a credible alternative to the Big Four auditing firms in South Africa.
The deal will see BDO South Africa and Grant Thornton Johannesburg join forces – following the successful integration into BDO in February 2018 of the Grant Thornton offices in Cape Town and Port Elizabeth, South Africa.
Real estate company Rebosis Property Fund announced on Monday that it plans to sell six office properties to various 100 percent black-owned property developers for up to R2.2 billion.
Distribution and Warehousing Network (DAWN) said on Monday that it has received a buyout offer as the struggling company battles to deal with tough trading conditions stemming from South Africa’s economic difficulties.
The company said it has received a buyout offer from a South African company whose share capital is owned by Derek Austin Tod and Luis Gonsalves Baeta.
A successful buyout of DAWN means that the company will be taken private as it will delist from the JSE.
Read more: Struggling DAWN mulls buyout bid
Naked, an AI-driven car insurance provider, said it received an additional R30 million investment from its founder investors, Yellowwoods and Hollard Insurance.
“We are proud to receive this vote in confidence from our investors and look forward to rolling out new products in response to customer demand,” said Naked co-founder, Alex Thomson.
The South African National Taxi Council (Santaco) recently acquired a 25 percent stake in SA Taxi Finance Holdings (SA Taxi), which finances entrepreneurs who operate minibus taxis that may not necessarily have access to credit from traditional banks, for R1.7 billion.
Telkom is considering making an offer to buy a majority stake in Cell C, a deal that would see the merger of South Africa’s third- and fourth-largest mobile-phone companies, according to a report by Bloomberg.
Read more: Telkom said to make bid for Cell C
Real estate company Growthpoint Properties has decided to invest further in Australia with an R908 million investment in Australian Securities Exchange-listed Growthpoint Properties Australia (GOZ).