The Tribunal has conditionally approved the large merger wherein CFAO Holdings South Africa (Pty) Ltd (“CFAO”) intends to acquire EIE Group (Pty) Ltd (“EIE Group”). Post-merger, CFAO will have sole control of EIE Group.
 
The transaction has been approved with conditions relating to, among others, the implementation of a HDP Transaction, in terms of which historically disadvantaged persons (“HDPs”) will acquire shareholding in EIE Group.
 
The CFAO group is involved in the retailing of new and used vehicles and trucks, vehicle servicing, parts and accessories, supply chain and logistics management, car rental services and industrial materials handling equipment.
 
The EIE Group is involved in the sale, rental, repair and maintenance of various original equipment manufacturer (“OEM”) brands of industrial and material handling equipment.
 
A full press release will be issued in due course.