Merger Alert: 30 September 2021
| Type of matter | Parties involved | Tribunal Decision |
| Large merger | Equites Property Fund Limited And Attacq Waterfall Investment Company (Pty) Ltd | Approved without conditions |
| Large merger | The Boleng Trust And Main Street 904 (RF) (Pty) Ltd | Approved without conditions |
| Large merger | Assore Holdings Ltd And Assore Ltd; African Mining Trust Company Ltd; Assore Treasury Company (RF) (Pty) Ltd; and Ore and Metal Company Ltd | Approved without conditions |
| Large merger | Nedbank Ltd, Through Nedbank Property Partners, A Division of Nedbank Corporate and Investment Banking And ERF7 Sandown (Pty) Ltd | Approved without conditions |
| Large merger | Super Group Holdings (Pty) Ltd And Regional Wholesales Service (Pty) Ltd | Approved without conditions |
| Large merger | Fairvest Property Holdings Ltd And Arrowhead Properties Ltd | Approved without conditions |
| Large merger | Curro Holdings Ltd And The Independent School Business of Heronbridge College Heronbridge Estate (Pty) Ltd | Approved with conditions |
Large merger | Altron TMT SA Group (Pty) Ltd And Law Trusted Third Party Services (Pty) Ltd | Approved with conditions |
| Large merger | Dis-Chem Pharmacies Ltd And Pure Pharmacy Holdings (Pty) Ltd | Approved with conditions |
| Large merger | ECP Africa Fund IV LLC and ECP Africa Fund IV A LLC And Burger King (South Africa) RF (Pty) Ltd and Grand Foods Meat Plant (Pty) Ltd | Approved with conditions |
Equites Property Fund Limited And Attacq Waterfall Investment Company (Pty) Ltd
The Tribunal has unconditionally approved the merger wherein Equites Property Fund Ltd (“Equites”) will acquire Attacq Waterfall Investment Company (Pty) Ltd in respect of undivided half share interests in the properties known as Amrod, Massmart and Cotton-On (“target enterprises”).
The acquiring group is a listed Real Estate Investment Trust (“REIT”). The target enterprises are: (i) the Amrod Rental Enterprise, a light industrial property located in Midrand; (ii) the Massmart Rental Enterprise, a logistics property in Midrand; and (iii) the Cotton-On Property which constitutes undeveloped land in Midrand.
The Boleng Trust And Main Street 904 (RF) (Pty) Ltd
The Tribunal has unconditionally approved the merger whereby Boleng Trust will acquire Main Street 904 (RF) (Pty) Ltd (“MS 904”). Boleng Trust and its subsidiaries form part of the BEE shareholding structure of Assore Limited (“Assore”). MS 904 is a special purpose vehicle (“SPV”) and is not active in any market.
Assore Holdings Ltd And Assore Ltd; African Mining Trust Company Ltd; Assore Treasury Company (RF) (Pty) Ltd; and Ore and Metal Company Ltd
The Tribunal has unconditionally approved the large merger whereby Assore Holdings (Pty) Ltd (“Assore Holdings”) will acquire the following target firms: Assore Limited (“Assore SA”); African Mining and Trust Company (Pty) Ltd (“AMT”); Ore & Metal Company (“O&M”); and Assore Treasury Company (RF) (“Assore Treasury”), being the subsidiaries of Assore SA.
Assore Holdings is a newly established firm created specifically for purposes of the merger. The target firms are active in the mining and marketing of various minerals and metals, primarily in South Africa.
Nedbank Ltd, Through Nedbank Property Partners, A Division of Nedbank Corporate and Investment Banking And ERF7 Sandown (Pty) Ltd
The Tribunal has unconditionally approved the large merger whereby Nedbank Ltd (“Nedbank”), through Nedbank Property Partners, a Division of Nedbank Corporate and Investment Banking (“NPP”) acquired Erf 7 Sandown (Pty) Ltd (“Erf 7 Sandown”).
The Nedbank Group’s core business focuses on the provision of wholesale and retail banking and wealth management services. The target firm, Erf 7 Sandown, owns a single property comprising rentable office space in Sandton, in Johannesburg.
Super Group Holdings (Pty) Ltd And Regional Wholesales Service (Pty) Ltd
Super Group Holdings (Pty) Ltd (“SGH”) will acquire Regional Wholesale Service (Pty) Ltd (“RWS”), following the Tribunal’s unconditional approval of the large merger.
SGH is a wholly owned subsidiary of Super Group Limited (Pty) Ltd. It is a supply chain mobility company revolving around the optimisation of supply chain processes and vehicle fleets. RWS offers regional wholesale collections and deliveries to the courier and logistics industry.
Fairvest Property Holdings Ltd And Arrowhead Properties Ltd
The Tribunal has unconditionally approved the large merger involving Fairvest Property Holdings Ltd ("Fairvest") and Arrowhead Properties Ltd ("Arrowhead"). Fairvest is a public company listed in the REIT sector of the Johannesburg Stock Exchange (“JSE”). It has an established retail and office property portfolio. Arrowhead is also a public company listed in the REIT sector of the JSE. It owns a diversified property portfolio.
Curro Holdings Ltd And The Independent School Business of Heronbridge College
Heronbridge Estate (Pty) Ltd
The Tribunal has approved, with conditions, the large merger wherein Curro Holdings Ltd (“Curro”) intends to acquire both (i) The Independent School Business of Heronbridge College (“HeronBridge College”) and (ii) Heronbridge Estate (Pty) Ltd (“HeronBridge Estate”). Post-merger, Curro will own and control both HeronBridge College and HeronBridge Estate.
Curro comprises an independent group of private schools that offer learning and teaching to learners from early childhood development phase to Grade 12. HeronBridge College is a private Christian school that offers pre-preparatory, preparatory and college level education. HeronBridge Estate is the vehicle which owns the immovable property upon which HeronBridge College is operated.
A more detailed press release will be issued in due course.
Altron TMT SA Group (Pty) Ltd And Law Trusted Third Party Services (Pty) Ltd
The Tribunal has conditionally approved the large merger wherein Altron TMT SA Group (Pty) Ltd (“Altron TMT”) will acquire Law Trusted Third Party Services (Pty) Ltd (“LawTrust”).
The acquiring group is invested in telecommunications, multi-media and information technology. LawTrust is a specialist cyber security solutions provider. It offers a variety of electronic signature solutions.
A more detailed press release will be issued in due course.
Dis-Chem Pharmacies Ltd And Pure Pharmacy Holdings (Pty) Ltd
Subject to wide-ranging competition and public interest-related conditions, the Tribunal has approved the merger between Dis-Chem Pharmacies Ltd (“Dis-Chem”) and Pure Pharmacy Holdings (Pty) Ltd (“PPH”).
Dis-Chem comprises a large number of pharmacy stores across South Africa’s major metros and suburbs. Through its subsidiaries, Dis-Chem is active along the pharmaceutical supply chain ranging from wholesale distribution and logistics to the operation of retail pharmacies.
Healthcare and pharmacy group, PPH, is active in retail and wholesale distribution of scheduled and unscheduled pharmaceutical products and front shop products.
A more detailed press release will be issued in due course.
ECP Africa Fund IV LLC and ECP Africa Fund IV A LLC And Burger King (South Africa) RF (Pty) Ltd and Grand Foods Meat Plant (Pty) Ltd
The Tribunal will, in due course, release the public version of its order and the conditions imposed on the merger whereby ECP Africa Fund IV LLC & ECP Africa Fund IV A LLC (collectively, “ECP Africa Fund”) will acquire Burger King (South Africa) RF (Pty) Ltd (“Burger King SA”) and Grand Foods Meat Plant (Pty) Ltd (“Grand Foods”). Burger King SA and Grand Foods are owned by Grand Parade Investments Ltd (“Grand Parade”).
A more detailed press release will also be issued in due course.
Issued by:
Gillian de Gouveia, Communications Officer
On behalf of the Competition Tribunal of South Africa
Cell: +27 (0) 82 410 1195
E-Mail: GillianD@comptrib.co.za
Twitter: @comptrib
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