Merger Alert: Outcome of mergers decided by the Tribunal - 16 May 2024
The following Merger Alert is for information purposes only and is not binding on the Competition Tribunal or any member of the Tribunal
| Type of matter | Parties involved | Tribunal Decision |
| Large merger | The Government Employees Pension Fund represented by the Public Investment Corporation SOC Limited and Concor Holdings (Pty) Ltd | Approved with conditions |
| Large merger | Slip Knot Investments 777 (Pty) Ltd and Liberty Group Limited in respect of the property known as Libridge | Approved without conditions |
The Government Employees Pension Fund represented by the Public Investment Corporation SOC Limited and Concor Holdings (Pty) Ltd
The Tribunal has conditionally approved the proposed merger wherein the Government Employees Pension Fund (“GEPF”) intends to acquire shares in Concor Holdings (Pty) Ltd (“Concor Holdings”) from Southern Palace Group of Companies (Pty) Ltd (“SPG”) and shares in Concor Holdings from Nicasio (Pty) Ltd (“Nicasio”).
The Tribunal has approved the proposed transaction with conditions that seek to remedy concerns relating to the potential exchange of competitively sensitive information among competitors.
The GEPF is a pension fund and is not controlled directly or indirectly by any firm. It is statutorily mandated to manage and administer pensions and other benefits for government employees in South Africa. It makes targeted investments towards economic infrastructure, social infrastructure, environmental investments and enterprise development including Broad-Based Black Economic Empowerment (“B-BBEE”). The PIC is controlled by the South African Government and acts as an asset management and investment company for various government entities, including the GEPF.
The target group (Concor Holdings and its subsidiaries) is active in construction. It offers diversified infrastructure and related services in South Africa and other African countries. Its competencies are in the infrastructure, building, mining and property development sectors.
Slip Knot Investments 777 (Pty) Ltd and Liberty Group Limited in respect of the property known as Libridge
The Tribunal has unconditionally approved the proposed merger wherein Slip Knot Investments 777 (Pty) Ltd (“Slip Knot”) intends to acquire a property known as Libridge (“target property”) from Liberty Group Limited (“Liberty”). Following the implementation of the proposed merger, Slip Knot will exercise sole control over the target property.
The primary acquiring firm, Slip Knot, is controlled by SKG Properties (Pty) Ltd (“SKG Properties”). SKG Properties is controlled by a trust. SKG Properties and Slip Knot control various firms in South Africa. Slip Knot, the firms it controls, its controlling entities and all firms controlled by those controlling entities, are collectively referred to as the “SKG Group”.
The SKG Group is a property group specialising in developing, leasing, and managing commercial and industrial real estate properties. Its property portfolio includes office and retail space, warehousing, residential development and student accommodation situated across South Africa.
The target property is an office rental enterprise located in Braamfontein, in Johannesburg. It is controlled by Liberty, a wholly owned subsidiary of Liberty Holdings Limited.
Issued by:
Gillian de Gouveia, Communications Manager
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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