Merger Alert: Outcome of mergers decided by the Tribunal - 28 October 2024

The Competition Tribunal (“Tribunal”) has conditionally approved the proposed merger whereby K2016336084 (South Africa) (Pty) Ltd (“K084”) intends to acquire a specified percentage of the issued share capital of Accelerate Property Fund Ltd (“APF”). Following the implementation of the proposed merger, K084 will have sole control over APF. The public interest conditions imposed on the proposed transaction relate to the promotion of a greater spread of ownership.

The acquiring group (K084 and all the firms controlling it) is a consortium made up of private equity funds and its various portfolio companies that invest in firms across a wide range of industries. APF is a public company registered on the Johannesburg Stock Exchange. It has a portfolio of properties across South Africa in the retail and commercial / office sectors.

The Tribunal has conditionally approved the proposed merger whereby Urban Retail Property Investments 1 (Pty) Ltd (“URP1”) intends to acquire sole control over K2018365955 (SA) (Pty) Ltd (“K955”). The transaction contemplates an internal restructuring involving K955 and its associates that will result in K955 controlling K2019451018 (South Africa) (Pty) Ltd (“K018”) and Castleview Property Fund Limited (“CVW”). Post-merger, URP1 will wholly own and solely control K955, and directly and indirectly hold a specified percentage of the shares in CVW.

The Tribunal has approved the proposed merger with public interest conditions that relate to the promotion of a greater spread of ownership.

The acquiring group (URP1, all the firms controlling it, as well as its subsidiaries) constitutes a set of investment funds and their various portfolio companies that invest in firms across a wide range of industries. K018 and K955 are investment holding companies that do not conduct any activities of their own. CVW is a public property investment company listed on the JSE.

The Tribunal has conditionally approved the proposed merger involving the Government Employees Pension Fund (“GEPF”), represented by the Public Investment Corporation SOC Ltd (“PIC”), increasing its shareholding in Lanseria Holdings (Pty) Ltd (“Lanseria Holdings”). Post-merger, PIC will solely control Lanseria Holdings. The Tribunal has approved the proposed merger with conditions that seek to remedy concerns relating to the exchange of competitively sensitive information.

The GEPF, controlled by the South African Government, is a pension fund that is administered for the benefit of government employees. Through the PIC, it invests in various sectors. The target group (Lanseria Holdings and all its subsidiaries) comprises an airport business conducted through Lanseria International Airport (Pty) Ltd.

The Tribunal has unconditionally approved the proposed merger whereby Greenstreet 1 (Pty) Ltd (“Greenstreet”) seeks to acquire additional issued shares in both Scatec Solar SA 164 (Pty) Ltd (“Scatec 164”) and Scatec Solar SA 165 (Pty) Ltd (“Scatec 165”) from Scatec ASA. Post-merger, Greenstreet will hold a controlling shareholding in both Scatec 164 and Scatec 165.

Greenstreet is a renewable energy investment platform owned by STANLIB Infrastructure Fund II (“Stanlib II”). Greenstreet specifically invests in renewable energy assets i.e. independent power producer (“IPP”) project companies operating under the Renewable Energy Independent Power Producer Programme (“REIPPPP”) and in Solareff (Pty) Ltd (“Solareff”).

Scatec 164 and Scatec 165 are special purpose vehicles incorporated to hold interests in certain IPPs operating under the REIPPPP. Both are controlled by Scatec ASA, a firm registered on the Oslo Stock Exchange.

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