SOUTH AFRICA Trends and Developments Contributed by: Ezra Davids, Tholinhlanhla Gcabashe, Nanga Kwinana and Ricci Hackner, Bowmans
BOWMAN GILFILLAN 11 Alice Lane, Sandton, Johannesburg P O Box 785812, Sandton, 2146, South Africa Tel: +27 11 669 9000 +27 11 669 9320 Fax: +27 66 990 01 Email: ezra.davids@bowmanslaw.com Web: www.bowmanslaw.com
M&A in South Africa South Africa continues to stand out as the dominant African M&A market by value, driven by both domes - tic and inbound transactions, increased commodity prices, investor demand for scale in critical minerals within a well‑established mining jurisdiction, structural reforms and infrastructure liberalisation – particularly in mining, digital infrastructure, and financial services. Other notable indicators, including subdued inflation, rate cuts, removal from the Financial Action Task Force grey-list and a credit-rating upgrade, have all contributed to renewed and sustained investor con - fidence. The successful hosting of the G20 and B20, coupled with the aforementioned reforms, which are beginning to gain meaningful traction, also helped to buoy market sentiment. Notwithstanding a year of global geopolitical shocks and trade wars resulting in investment hesitation and corporate cash hoarding on the global stage, South Africa’s business confidence has trended at multi-year highs, and companies appear increasingly positioned to shift from defensive posturing to more growth-ori - ented strategies. Notable Transactions South Africa’s M&A market has been shaped by a series of large, strategically significant transactions across sectors, reflecting continued consolidation and portfolio reshaping. In mining and resources, the proposed USD64 bil - lion merger of equals of Anglo American plc and Teck Resources stands out globally, with significant impli - cations for South Africa’s critical minerals landscape. There was also the announced and subsequent aban -
doned potential combination of Rio Tinto and Glen - core valued at over USD200 billion. In healthcare, Sana Bidco’s GBP1.7 billion acquisition of Assura plc and Life Healthcare’s USD750 million disposal of Life Molecular Imaging to Lantheus Holdings illustrate continued portfolio optimisation and strong investor appetite for defensive assets. Aspen Pharmacare’s AUD2.37 billion disposal of its APAC business further underscores the broader theme of multinational capi - tal redeployment. Another standout transaction has been MTN Group’s proposed transaction of the remaining 75% shares in IHS Holding for approximately USD6.2 billion – one of the largest African transactions this year and a deci - sive move to reintegrate tower assets into its core platform. In financial services, Old Mutual’s ZAR2.2 billion acquisition of a majority stake in 10X Invest - ments reflects ongoing consolidation in the invest - ment management sector. In the consumer and media sector, the French broadcaster Canal+ acquired MultiChoice Group for approximately ZAR65 billion in one of the most sig - nificant media transactions in South Africa in recent years. That transaction preceded and set the context for MultiChoice’s ZAR8.79 billion repurchase of shares from Phuthuma Nathi Investments. Taken together, these mandates reflect a market defined by strategic repositioning, selective divest - ments and targeted acquisitions – with scale, cross- border complexity and regulatory intensity continu - ing to characterise South Africa-linked M&A activity in early 2026.
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