Merger Alert: Outcome of mergers decided by the Tribunal – 4 July 2023

Old Mutual Funeral Services (Pty) Ltd And Two Mountains Underwriters (Pty) Ltd, Two Mountains Burial Services (Pty) Ltd and Two Mountains Financial Services (Pty) Ltd

The Tribunal has conditionally approved the proposed merger whereby Old Mutual Funeral Services (Pty) Ltd (“OMFS”) intends to acquire sole control over (i) Two Mountains Underwriters (Pty) Ltd (“TMU”); (ii) Two Mountains Burial Services (Pty) Ltd (“TMBS”); and (iii) Two Mountains Financial Services (Pty) Ltd (“TMFS”).

The Tribunal has approved the proposed transaction with conditions relating to employment, SMME support and capital expenditure commitments.

The acquiring group is active in the financial services and insurance markets and offers both short- and long-term insurance (e.g. life insurance). Through OMFS, the acquiring group sells, distributes and administers funeral cover/policies.

The target firms, through their separate constituent entities, provide funeral cover, burial services and offer funeral cover as an intermediary.

AFHCO Holdings (Pty) Ltd And Indluplace Properties Ltd

The Tribunal has unconditionally approved the proposed merger in terms of which AFHCO Holdings (Pty) Ltd (“AFHCO”) intends to acquire Indluplace Properties Limited (“Indluplace”). Post-merger, AFHCO will have sole control of Indluplace.

The acquiring group owns a portfolio of industrial, retail, and residential properties located primarily in the major metropolitan areas of South Africa and Zambia. Indluplace is a property investment firm which owns a substantial residential property portfolio.

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