Top deals and corporate moves making headlines this week

In focus this week: African Rainbow Capital, ArcelorMittal South Africa, Ethos Capital, Ford and more

African Rainbow Capital

African Rainbow Capital (ARC), the investment group controlled by South African billionaire Patrice Motsepe, said it has obtained approval from the Prudential Authority of the South African Reserve Bank to acquire a majority stake of the new digital bank, TymeDigital. In August, ARC reached an agreement with TymeDigital to acquire a 90 percent stake in the latter for an undisclosed sum through its subsidiary, ARC Financial Holding Company (FinHoldCo). 

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ArcelorMittal South Africa

Steel company, ArcelorMittal South Africa, said it has completed the sale of an indirect 50 percent interest in Netherlands-based Macsteel International Holdings for R3.2 billion.In May this year, ArcelorMittal said it would sell its 50 percent stake in Macsteel International Holdings to a subsidiary of Macsteel Holdings Luxembourg (MacHold) for approximately R2.8 billion. 

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Adapt IT

JSE-listed Adapt IT will acquire mobile technology specialist Conor Solutions for R80 million. Adapt IT said the acquisition will provide it with access to key proprietary software, customers and markets in the telecommunications space in South Africa as well as key markets in Africa including DRC, Tanzania, Lesotho, and Namibia.

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Ethos Capital

Private equity investment firm Ethos Capital has launched a new fund that is targeting R1 billion worth of investments in South Africa-based artificial intelligence (AI) companies. Ethos announced the first two investments by its maiden AI fund, Ethos AI Fund I, valued by R600 million. The investments were made in two companies, Channel VAS and Vertice MedTech Group.

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Ford Motor 

Ford Motor said it acquired Spin, a San Francisco-based electric scooter-sharing company that provides customers an alternative for first- and last-mile transportation. Although Ford didn’t disclose the acquisition price of Spin, media reports have pegged the deal to be valued $40 million (R560 million). The automaker is said to make further long-term investments in Spin worth about $200 million (R2.8 billion).

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Telkom and Vodacom 

Telecommunications companies, Telkom and Vodacom, have concluded a roaming and facilities leasing agreements on Wednesday. The leasing agreement means that Telkom mobile users will in future roam on Vodacom’s network and no longer on MTN’s network, with effect from December 1, 2018. The value of the agreement was not disclosed by both companies. 

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Séché Environnement SA, a France-based company engaged in the collection, storage, and treatment of non-radioactive waste has made an offer to acquire JSE-listed waste management company, Interwaste, in a deal valued at R563 million. In the buyout offer, Séché Environnement is offering Interwaste's shareholders R1.20 per share. 

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Banking group Absa has announced more executive leadership changes that will see Charles Russon being appointed as chief executive for corporate and investment bank with immediate effect. Before his new appointment, Charles held the role of chief executive for engineering services (responsible for technology, data, and security) – a role he has served in since April 2018. 

Absa announced that Charles will be succeeded by Paul O’Flaherty, who becomes chief executive for engineering services (responsible for technology, data, and security) at the bank. 

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Tesla appointed Robyn Denholm, a director at the company since 2014, to be chair of the board, immediately replacing Elon Musk. Elon, who has held the board chair position since leading the first round of Tesla’s funding 14 years ago, was mandated to leave his role as part of a settlement with the US Securities and Exchange Commission following his tweets in August on taking the company private.

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