Tribunal clears Old Mutual Wealth / 10X merger
The Competition Tribunal (“Tribunal”) has unconditionally approved the merger that will see Old Mutual Wealth Pty Ltd (“Old Mutual Wealth”) acquire shareholding in 10X Investments Pty Ltd (“10X”). As a result of the transaction, Old Mutual Limited (which ultimately controls Old Mutual Wealth) will shift from joint to sole control of 10X.
Old Mutual Wealth controls various firms. It and these firms act as registered advisory wealth managers offering financial management, investment solutions, retirement planning and estate management in South Africa and abroad. The acquiring group (Old Mutual Wealth, it subsidiaries, the firms controlling it and the firms controlled by those firms) is an international long-term savings, insurance, banking and investment group offering financial services and products.
10X is a South African asset manager authorised to provide investment and savings management services, including retirement solutions and tax-free savings products.
Empact / Feedem merger approved
The Tribunal has conditionally approved the merger in which Empact Group (Pty) Ltd (“Empact”) will acquire Feedem Group (Pty) Ltd (“Feedem”).
Empact operates in the contract services sector, providing contract catering, facilities management, hygiene, pest control and cleaning services across South Africa. Its services are supplied to both public and private sector clients in the healthcare, education, industrial, retail, commercial and corporate sectors.
Feedem, together with its subsidiaries, provides contract-based and onsite services to clients in sectors including retirement and lifestyle care, education, healthcare, and corporate and commercial industries. Its service offering includes catering, integrated facilities management, cleaning, pest control and laundry services.
Tribunal approves GEPF’s acquisition of stake in Friedshelf
The Tribunal has unconditionally approved the merger in in which the Government Employees Pension Fund (“GEPF”), represented by the Public Investment Corporation SOC Ltd (“PIC”), will acquire shareholding in Friedshelf 1679 (RF) (Pty) Ltd (“Friedshelf”). Following the merger, the GEPF will exercise joint control over Friedshelf.
The GEPF manages pensions and related benefits for South African government employees. As a defined benefit fund, it guarantees retirement benefits to pensioners and beneficiaries and invests across a rage of asset classes, including listed and unlisted equities, fixed income instruments, bonds and property.
Friedshelf is a holding company and is not operationally active. The target group’s operational entity is involved in the design and supply of containers and packaging, the rental of returnable packaging and the provision of logistics and enterprise asset management services.