Competition Commission recommends MetroFibre acquisition approval

SOUTH AFRICA – The Competition Commission has recommended the Competition Tribunal approve the proposed transaction whereby Digital Infrastructure Investment Holdings (DIIH) intends to acquire MetroFibre, without conditions. In June 2021, African Infrastructure Investment Managers (AIIM), along with a consortium comprising South African Housing & Infrastructure Fund, through its Digital Infrastructure Consortium platform and STOA, a foreign investment vehicle-based in France, agreed to acquire a 25.8% interest in MetroFibre Networx held by Sanlam Private Equity, African Rainbow Capital and a minority shareholder. In a press statement, the commission says DIIH was formed as…

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Mining company Seriti to conclude acquisition of South32 coal assets

SOUTH AFRICA – Coal mining company  Seriti Resources, has released a statement indicating that all conditions of its acquisition of South32 SA Coal Holdings Proprietary Limited (SAEC) have been fulfilled and the sale is expected to be completed on 1 June 2021. The new shareholders of 100% of SAEC will be Seriti Resources (90%), and the SAEC Employee and Community Trusts (5% each). Since signing the transaction in November 2019, it has been subject to various conditions precedent that have required, amongst others, the approval of the Competition Tribunal, the…

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Competition watchdog approves Greenstreet’s acquisition of Solar Capital De Aar 3

SOUTH AFRICA – Competition Tribunal of South Africa has approved, without conditions, the transaction whereby Greenstreet, through its Stanlib Fund II SPV, will acquire shareholding in Solar Capital De Aar 3 (SCDA 3) from existing shareholders Post-merger, said the regulator, Stanlib Fund II SPV will exercise joint control over SCDA 3. Stanlib Fund II SPV is a private equity investment fund established to acquire a portfolio of infrastructure assets and is ultimately controlled and owned by Stanlib Asset Management, which is, in turn, wholly-owned and controlled by Stanlib, it added. The tribunal…

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Competition Tribunal of South Africa gives nod to sale of Tongaat Hulett’s starch business

SOUTH AFRICA – The Competition Tribunal of South Africa has approved the acquisition of Tongaat Hulett’s Starch business by Barloworld subsidiary, KKL Group for R5.35billion (US$342.6m). The agriculture and agri-processing company Tongaat Hulett stated that the decision was the third approval in the jurisdictions relevant to the transaction, with the Botswana Competition Commission and the Common Market for Eastern and Southern Africa (Comesa) Competition Commission having already approved the transaction without conditions. The final approval is awaited from the Indonesian Competition Commission, probably in the first week of August, reports IoL. “This…

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