Merger Alert: Outcome of mergers decided by the Tribunal - 5 May 2025
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 | Hudaco Trading (Pty) Ltd And the entire businesses of Insulation Advanced Technology (Pty) Ltd, Isomec (Pty) Ltd, Isotec Balancing (Pty) Ltd and Moholi Supplies (Pty) Ltd as a going Concern | Approved with conditions |
| Large merger | The Government Employees Pension Fund represented by the Public Investment Corporation SOC Ltd and NCS Property (Pty) Ltd And the Century City Property Investment Trust in respect of a portfolio of property rental enterprises situated in Century City | Approved without conditions |
Hudaco Trading (Pty) Ltd and the entire businesses of Insulation Advanced Technology (Pty) Ltd, Isomec (Pty) Ltd, Isotec Balancing (Pty) Ltd and Moholi Supplies (Pty) Ltd as a going concern
The Competition Tribunal (“Tribunal”) has conditionally approved the proposed merger whereby Hudaco Trading (Pty) Ltd (“Hudaco Trading”) intends to acquire, as a going concern, the following target businesses:
- Insulation Advanced Technology (Pty) Ltd (the “IAT Business”);
- Isomec (Pty) Ltd (the “Isomec Business”);
- Isotec Balancing (Pty) Ltd (the “Isotec Balancing Business”); and
- Moholi Supplies (Pty) Ltd (the “Moholi Supplies Business”).
Post-merger, Hudaco Trading will have sole ownership and control of the target businesses. The Tribunal’s approval of the proposed merger is subject to conditions related to a restraint of trade.
Hudaco Trading, part of the Hudaco Group, is a specialist in the importation and distribution of branded industrial, automotive and electronic consumable products. Some of its divisions also manufacture the products they distribute.
The Isotec Group (the target businesses) specialises in manufacturing and distributing specialised thermal and electrical insulation materials used in sectors including manufacturing, mining, railway, energy generation and switchgear.
The Government Employees Pension Fund represented by the Public Investment Corporation SOC Ltd and NCS Property (Pty) Ltd And the Century City Property Investment Trust in respect of a portfolio of property rental enterprises situated in Century City
The Tribunal has unconditionally approved the proposed merger in which the Government Employees Pension Fund ("GEPF") and NCS Property (Pty) Ltd ("NCS Property") will acquire co-ownership rights in several property rental enterprises located in Century City, in Cape Town ("target properties"). Post-merger, the GEPF and NCS Property will hold co-ownership rights in these properties.
The GEPF is a statutory pension fund mandated to manage and administer retirement and related benefits for government employees. The PIC, controlled by the South African Government, serves as an asset manager for various public entities, including the GEPF. It invests across a diverse range of asset classes.
NCS Property is a newly incorporated entity established solely for this transaction. It currently does not conduct any business activities, generate turnover, own assets or provide services.
The primary target firm is the Century City Property Investment Trust in respect of a portfolio of property rental enterprises situated in Century City. The target properties comprise 4- and 5-star hotel accommodation, conference facilities, office space, small retail components and parking structures. The target properties are controlled by different firms.
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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