Merger Alert: Outcome of mergers decided by the Tribunal - 18 December 2024
18 December 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 | Raubex Roads and Earthworks Holdings (Pty) Ltd And ABI 2 (Pty) Ltd | Approved without conditions |
| Large merger | Bidco, as represented by OMPE GP VI (Pty) Ltd acting in its capacity as Ultimate General Partner of OMPE Fund VI Partnership and Sphere Investments (Pty) Ltd, And Much Asphalt (Pty) Ltd | Approved without conditions |
Raubex Roads and Earthworks Holdings (Pty) Ltd And ABI 2 (Pty) Ltd
The Competition Tribunal (“Tribunal”) has unconditionally approved the proposed merger wherein Raubex Roads and Earthworks Holdings (Pty) Ltd (“RaubexRE”) seeks to acquire ABI 2 (Pty) Ltd (“ABI 2”) from Acorn Black Investments (Pty) Ltd and Jurupa Limited. Post-merger, RaubexRE will solely control ABI 2.
RaubexRE, which controls several subsidiaries, is ultimately a wholly owned subsidiary of Raubex Group Limited (“Raubex Group”). The acquiring group (Raubex Group and all the firms it controls) is a road construction and earthworks company with expertise in the construction of new roads as well as the rehabilitation of existing roads. It operates across various divisions including project management, infrastructure and road and earthworks. It also provides a range of materials and services relating to, among others, construction and mining.
ABI 2 is an investment holding company and wholly owns Acorn Properties (Pty) Ltd (“Acorn”). The target group (ABI 2 and Acorn) owns a portfolio of industrial, residential and commercial properties located across South Africa. The properties are leased to the acquiring group from where it conducts its business operations.
Bidco, as represented by OMPE GP VI (Pty) Ltd acting in its capacity as Ultimate General Partner of OMPE Fund VI Partnership and Sphere Investments (Pty) Ltd, And Much Asphalt (Pty) Ltd
The Tribunal has unconditionally approved the proposed merger whereby Bidco intends to acquire
Much Asphalt (Pty) Ltd (“Much Asphalt”) from AECI Limited. Following the implementation of the proposed transaction, Much Asphalt will be solely controlled by Bidco.
Bidco is a special purpose entity incorporated for purposes of the proposed transaction. Bidco is a consortium comprising Old Mutual Private Equity Fund VI GP (Pty) Ltd and Sphere Investments (Pty) Ltd. The acquiring group is active in the private equity investment and permanent capital investment business. It has investments across various sectors including retail, industrial, medical supplies, healthcare, media, broadcasting, financial services, automotive and sport. None of its portfolio companies compete with the target group.
The target group (Much Asphalt and all the firms it controls) is a manufacturer and supplier of asphalt products, modified and unmodified bituminous emulsions and binders in South Africa.
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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