Tribunal approves acquisition of NFT’s entire issued share capital by Bidvest Services
In this transaction, Bidvest Services Holdings (Pty) Ltd (“Bidvest Services”) is acquiring the entire issued share capital of New Frontiers Tours (Pty) Ltd (“NFT”). Post-transaction, Bidvest Services will have sole control of NFT.
Bidvest Services is a wholly owned subsidiary of Bidvest Group Ltd. It operates through multiple subsidiaries, including its wholly owned subsidiary, Bidvest Travel Holdings (Pty) Ltd, which houses BidTravel, the executive management of Bidvest Services’ travel services. BidTravel primarily provides corporate travel services to businesses, as well as outbound leisure travel services.
NFT offers only inbound travel services to leisure travellers i.e. services to foreign-based customers seeking leisure travel in Southern Africa. Its offerings include accommodation, transfers, tours, car rental and flights to South Africa, Botswana, Zimbabwe, Zambia and Mozambique.
In its assessment, the Commission found that the proposed transaction does not raise and competition or public interest concerns. The Tribunal has approved the large merger without conditions.