Merger Alert: Outcome of mergers decided by the Competition Tribunal - 10 March 2026

Tribunal approves Norfund and Mahlako investment in renewable energy firm, Anthem

The Competition Tribunal has approved, without conditions, two separate but related transactions that will see the Norwegian Investment Fund for Developing Countries (“Norfund”) and Main Street 2104 (Pty) Ltd (“Mahlako SPV”) acquire shareholding in Anthem Group Holdings (Pty) Ltd (“Anthem Holdings”).

Norfund is a state-owned investment fund wholly controlled by the Norwegian Government. The Norfund Group (comprising Norfund and firms it controls globally, including in South Africa) holds a diverse portfolio of renewable energy investments spanning wind, solar and hydro assets. Many of these renewable energy assets are classified as public offtake projects under South Africa’s Renewable Energy Independent Power Producer Procurement Programme (REIPPPP).

Mahlako SPV forms part of the Mahlako Group, which operates in South Africa’s renewable energy sector, focusing on developing and investing in solar energy projects. Its activities span both solar photovoltaic (“PV”) and concentrated solar power (“CSP”) technologies. The group participates in projects under the REIPPPP and is also involved in private offtake arrangements.

Anthem Holdings, a South African private company, operates as an Independent Power Producer under the REIPPPP. The Anthem group generates electricity from solar PV and wind energy projects, supplying power to Eskom. It also participates in the private commercial and industrial energy market, supplying electricity to large power users, energy traders and power aggregators.

Tribunal approves Orient Victoria and KP Partners acquisition of King Price Financial Services and Porcupine Union

The Tribunal has approved the merger in which Orient Victoria Capital Pte. Ltd (“Orient Victoria”) and KP Partners (Pty) Ltd (“KP Partners”) will acquire King Price Financial Services (Pty) Ltd (“KPFS”) and Porcupine Union (Pty) Ltd (“Porcupine Union”). Once implemented, the transaction will result in Orient Victoria and KP Partners exercising joint control over KPFS and Porcupine Union.  

Orient Victoria, through its subsidiary Cartrack Insurance Agency (Pty) Ltd (“CIA”), provides intermediary broking services for car insurance to King Price Insurance Company Ltd (“King Price”), a subsidiary of KPFS.

KP Partners is an investment vehicle that holds and manages equity interests in KPFS and Porcupine Union.

KPFS is a licensed insurance provider offering life and non-life insurance products, as well as financial advisory services. Its non-life insurance business (particularly car insurance products and services) is relevant to the transaction.

Porcupine Union is a technology-focused consultancy that provides data-driven solutions using statistics, machine learning, collection optimisation and lead generation modelling. Its services include actuarial and ratings modelling for the insurance industry as well as the development of pricing engines.