South Africa's Competition Tribunal approves Agile Capital's merger with Provest Group
The merger has been approved without conditions by the competition authority.
South Africa’s Competition Tribunal, which assess competition issues on mergers and acquisitions, has approved private firm Agile Captial’s bid to increase its shareholding in Provest Group.
Provest is a specialist supplier of shotcrete to the mining industry.
Provest provides services to the mining sector through four core divisions namely; cement and aggregate products, general mining activities, underground and surface support and innovative technology solutions.
Agile – which is an investment holding company and through its subsidiaries (Zico Capital and Zico Capital) it invests in several diverse sectors in the South African market – first invested in Provest in 2011.
In its assessment, the Competition Tribunal concluded that Agile’s proposed transaction is “unlikely to substantially prevent or lessen competition in any market”.
It also found that the proposed transaction does not raise any public interest concerns. This paved the way for the Tribunal to recommend that Agile’s merger with Provest be approved without conditions.