OUTCOME OF MATTERS CONSIDERED BY THE TRIBUNAL

The Tribunal has unconditionally approved the large merger between M&G FA Limited (“M&G”) and Prudential Portfolio Managers (South Africa) (Pty) Ltd (“PPMSA”), whereby M&G will increase its shareholding in PPMSA to over 50%, therefore crossing a “bright line”, indicating control under the Competition Act.

The Tribunal has concluded that this international transaction is unlikely to substantially prevent or lessen competition in any market in South Africa. In addition, the merger raises no public interest concerns.

M&G, a subsidiary of M&G plc., is a company incorporated in terms of the laws of the United Kingdom. In South Africa, M&G has a shareholding in PPMSA, the target firm in this transaction. M&G is a leading international savings and investment business, responsible for the management of individual and institutional investments. PPMSA is an investment/asset manager on behalf of retail and institutional investors in South Africa.

Old Mutual Alternative Investments (Pty) Ltd (“OMAI”), through its subsidiary OMPE V GP, will acquire shares in ACTOM Investment Holdings (Pty) Ltd (“ACTOM”), following the Tribunal’s unconditional approval of the transaction. Post-merger, OMAI will control the majority of the voting rights in ACTOM, thus acquiring indirect control over ACTOM.

The Tribunal has concluded that the merger is unlikely to result in a significant prevention or lessening of competition in any market in South Africa. In addition, the transaction does not give rise to any public interest concerns.

OMAI is a South African private company which is ultimately controlled by Old Mutual Limited (“OML”). The Old Mutual group is a diversified African services group that offers a broad spectrum of financial solutions and is the ultimate holding company for several subsidiaries operating across various lines of businesses in the financial services industry, namely life assurance products, short-term insurance, savings, property, asset management, banking and lending, among others.

The ACTOM group is involved in the manufacture, repair, maintenance, and distribution of electrochemical equipment in Africa. Its divisions are categorised as follows: ACTOM energy, distribution transformers, electrical equipment, engineering projects and construction, high voltage equipment and medium voltage and protection.

The Tribunal has unconditionally approved two mergers in the renewable energy sector involving, in both mergers, the same acquiring firm. The Tribunal has found that both transactions are unlikely to substantially prevent or lessen competition in any relevant market or have a negative impact on the public interest.

The acquiring firm is Revego Africa Energy Fund Partnership (“the Fund Partnership”), an en commandite partnership, represented by Revego General Partner (RF) Proprietary Limited in its capacity as general partner (“Revego”), a South African company.

Revego manages third party funds and provides intermediary services on a discretionary basis. As a fund manager, Revego sources and manages investments in operating renewable energy projects in South Africa and sub-Saharan Africa.

Revego And Aurora Wind Power (RF) (Pty) Ltd

Through this transaction, Revego will acquire shareholding in Aurora Wind Power (Rf) (Pty) Ltd (“Aurora”). Post-merger, Aurora will be jointly controlled by Revego as well as GDF SUEZ Energy Asia Turkey and Southern Africa B.V., an existing shareholder.

Aurora is a renewable energy Independent Power Producer (“IPP”), responsible for the development, construction, operation, and maintenance of a wind farm situated in Vredenburg, in the Western Cape. Aurora is one of the renewable energy IPP projects which form part of the broader Renewable Energy Independent Power Producers Procurement Programme (“Renewable Energy Programme”) operated and underwritten by The Department of Mineral Resources and Energy.

Revego And Genesis Khobab Wind (RF) (Pty) Ltd; Genesis Loeriesfontein Wind (RF) (Pty) Ltd; and Genesis Noupoort Wind (RF) (Pty) Ltd