Bidvest acquires Eqstra Fleet Management, Investec buys into Spinneys Egypt and more.
South Africa-based industrial group Bidvest has entered into an agreement to acquire Eqstra Fleet Management and Logistics from JSE-listed industrial group enX for R3.1 billion.
Eqstra provides full fleet management solutions, including leasing, maintenance, vehicle tracking and insurance, for passenger and commercial vehicles. The company’s footprint spans across sub-Saharan Africa.
Read more: Bidvest acquires Eqstra Fleet Management and Logistics
Private equity firm Actis said on Monday it had acquired the rights to manage two private equity funds previously managed by collapsed buyout firm Abraaj, in a deal aimed at strengthening its position in the Middle East and Africa.
Actis will take over the management rights to Abraaj Private Equity Fund IV and Abraaj Africa Fund III, it said in a statement.
Read more: Actis completes deal to take over funds of collapsed buyout firm Abraaj
South Africa-based real estate company Rebosis Property Fund said it will sell its 49.4 percent shareholding in UK shopping mall owner New Frontier Properties for just R700, as it continues to sell its assets to reduce its debt load.
“The board of directors of Rebosis is of the opinion that the shareholding in New Frontier has been one of the reasons for a depressed Rebosis share price, due to the challenges New Frontier is facing, being declining shopping mall valuations in the UK as a result of, among other matters, Brexit,” the company said on Friday.
Read more: Rebosis Property Fund to exit UK real estate market
South Africa-based asset management firm Investec Asset Management has bought a controlling stake in supermarket chain Spinneys Egypt.
The acquisition, of an undisclosed value, will be concluded through Investec’s pan-African private equity fund,
“The business is one of the leading grocery retail players in Egypt, having expanded to a current footprint of 13 outlets, comprising two hypermarkets and 11 supermarkets, and including two new openings in the last eight months,” Investec Asset Management said.
Read more: Investec Asset Management buys controlling stake in Spinneys Egypt