Nedbank to acquire fintech firm iKhokha
The Competition Tribunal (“Tribunal”) has unconditionally approved the merger in terms of which Nedbank Group Ltd (“Nedbank”) intends to acquire iKhokha (Pty) Ltd (“iKhokha”). Once the proposed merger is finalised, iKhokha will become a wholly owned subsidiary of Nedbank.
Nedbank is a financial services provider in South Africa, offering wholesale and retail banking services as well as insurance, asset management and wealth management. Its main business is banking. Nedbank’s payment solution activities, through its Retail and Business Banking division, are relevant to this transaction.
iKhokha is a South African financial technology (fintech) company that provides payment, financial and business process management solutions. It focuses on SMMEs across a broad range of sectors including retail trade, entertainment, food and beverages, among others. Its services include payment acceptance, card payment, cash advance, accounting and business insurance solutions.
One Chrome secures sole control of JMG SA Holdings
The Tribunal has unconditionally approved the merger wherein One Chrome (Pty) Ltd (“One Chrome”) will acquire JMG SA (Pty) Ltd (“JMG SA Holdings”) from Braemore Holdings (Mauritius) (Pty) Ltd (“Braemore”). The acquisition includes shareholder loans in favour of Braemore and all the firms controlled by JMG SA Holdings.
Through One Chrome, the acquiring group acts as an intermediary in the buying and selling of chrome mined in South Africa. The acquiring group focuses on investments in commodities and metals, information communication technology, financial services, agriculture and infrastructure. Its interests in commodities and metals (particularly chrome) are relevant to this transaction.
The target group (JMG SA Holdings and its subsidiaries) focuses on the production of chrome concentrate and platinum group metals from the beneficiation and processing of tailings and run-off-mine materials. Its chrome production operations are relevant to the merger.
Luxanio to acquire Protea Gardens Mall
The Tribunal has unconditionally approved the merger in which Luxanio Trading 181 (Pty) Ltd (“Luxanio”) will acquire Protea South Property (Pty) Ltd (“Protea South”), in respect of the immovable property and rental enterprise known as ‘Protea Gardens Mall’. Following the merger, the Mall will be owned and controlled by Luxanio.
Luxanio forms part of a diversified Real Estate Investment Trust (REIT) which owns a broad portfolio of rental properties. Its Johannesburg-based retail holdings are particularly relevant to this transaction.
The Protea Gardens Mall is a community retail centre serving the Soweto market.
SPE Mid-Market Fund II to take sole control of Medhold
The Tribunal has unconditionally approved the merger in which SPE Mid-Market Fund II Partnership (“SPE Fund II”) will acquire shareholding in Medhold Group (Pty) Ltd (“Medhold”). The approval means that SPE Fund II will obtain sole control of Medhold once the transaction is implemented.
SPE Fund II is a newly formed private equity fund controlled by its general partner, SPE Fund II General Partner, which is controlled by Sanlam Alternative Investments (Pty) Ltd. The acquiring group (SPE Fund II and all entities within its control structure) operates an extensive suite of financial services in South Africa and internationally, including: short and long-term insurance; financial and retirement planning; trusts and wills; asset management; risk management; wealth creation; lending; and investment.
The target group (Medhold and its subsidiaries) is an end-to-end supplier of medical equipment and related services. It sources medical devices used in surgeries, operating rooms, life support and orthopaedics, from global manufacturers. It imports and distributes these throughout Southern Africa and provides associated services i.e. replacement, repair and maintenance of medical devices.