Old Mutual subsidiary acquires 100 percent of ACTOM Group
The Competition Tribunal has unconditionally approved the acquisition of ACTOM by OMAI.
Old Mutual Alternative Investments (OMAI), through its subsidiary OMPE V GP, is preparing to merge with ACTOM Investment Holdings. OMAI will acquire ACTOM shares after the Competition Tribunal gave unconditional approval for the transaction.
After merging, OMAI is most likely to control most of the voting rights in ACTOM, thus acquiring indirect control over the firm. The tribunal said that the merger did not raise any public interest concerns and is unlikely to affect or prevent competition in the South African markets.
OMAI, controlled by Old Mutual Limited (OML), is a diversified African services group that offers a broad spectrum of financial solutions and is the ultimate holding company for several subsidiaries. It operates across various business lines in the financial services industry, namely life assurance products, short-term insurance, savings, property, asset management, banking and lending, among others.
ACTOM is a level one B-BBEE contributor with 53 percent black ownership, 32 percent of which are black women. The company specialises in manufacturing, repairing, maintaining, and distributing electrochemical equipment in sub-Saharan Africa. ACTOM also holds numerous technology, distribution, and value-added reseller agreements with various local and international partners.