Merger Alert: Outcome of mergers decided by the Tribunal - 7 October 2024

The Competition Tribunal (“Tribunal”) has conditionally approved the proposed merger whereby Metier Capital Growth Fund III GP (Pty) Ltd (“MCGF III”), in its capacity as Ultimate General Partner of Metier Capital Growth Fund III Partnership, intends to acquire shares in Blinkwater Meule (Pty) Ltd (“Blinkwater”). Post-merger, MCGF III will exercise joint control over Blinkwater.

The Tribunal found that the transaction does not raise any competition concerns. In respect of public interest considerations, the conditions imposed by the Tribunal relate to job creation and procurement from historically disadvantaged persons (“HDPs”).

The acquiring group (MCGF III and its associates) is a growth capital private equity investor managing third-party capital from various investors.

Blinkwater is an integrated maize milling business that produces maize meal and hominy chop. It distributes its maize meal at retail level through spaza stores, independent wholesalers and retailers.

A more detailed press release will be issued once any confidential information in the conditions has been finalised.

The Tribunal has unconditionally approved the proposed merger whereby K2024135390 (South Africa) (Pty) Ltd (“New HoldCo”) intends to acquire 200 Rivonia Road (Pty) (Ltd) (“200 Rivonia Road”).

The Tribunal found that the proposed transaction does not raise any competition or public interest concerns.

The acquiring group’s medical centre property activities are of relevance to the proposed transaction i.e. the acquiring group owns a hospital property in Alberton, in Gauteng. 200 Rivonia Road’s only activity is to own a medical centre property in Sandton, in Gauteng.

The Tribunal has unconditionally approved the proposed merger wherein Exemplar Retail Limited (“Exemplar”) intends to acquire Eersterivier Mall (“the target property”) from ERF 1824 Eerste Rivier (Pty) Ltd.

The Tribunal found that the proposed merger does not raise any competition or public interest concerns.

Exemplar, a South African firm, is listed on the Johannesburg Stock Exchange as a real estate investment trust (“REIT”). The acquiring group’s activities include owning, internally managing and growing a portfolio of shopping centres and malls located typically in under-serviced, peri-urban township and rural areas in various provinces.

The target property is classified as a community centre located in Eersterivier, in Cape Town.

The Tribunal has conditionally approved the proposed merger whereby SPAP V Bidco (Pty) Ltd (“SPAP”) intends to acquire The Building Company (Pty) Ltd (“TBCo”). Post-merger, SPAP will control TBCo.

The Tribunal has approved the proposed transaction subject to conditions which include the establishment of an employee share ownership programme (“ESOP”) for the benefit of qualifying workers as well as a divestiture condition.

SPAP is a special-purpose vehicle incorporated for the purposes of the proposed transaction, with no existing or prior commercial activities.

The target group is the building material division of Pepkor. It is in the market for the retail and wholesale of building supplies, hardware and related products. Its operations expand to outlets throughout Southern Africa, servicing the full spectrum of the retail building and construction industry.

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