The Competition Commission has recommended that the Competition Tribunal approve the Jannie Mouton Foundation’s proposed acquisition of Curro Holdings, valuing the deal at about R7.2 billion, reports Cape {town} Etc.
According to Reuters, TradingView, Curro will leave the JSE and become a public benefit organisation.
Curro is South Africa’s largest private school group, with over 70 000 learners in a network of schools that includes:
- Early childhood
- Primary
- Secondary offerings
The foundation told BusinessTech that it will reinvest returns to build schools, expand facilities and fund bursaries aimed at widening access.
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The Competition Commission said the transaction is unlikely to lessen or prevent competition and recommended approval on the basis of undertakings that must still be finalised.
Those undertakings include commitments to increase access for historically disadvantaged persons over time with more schools and bursaries.
Curro told shareholders it will update them next week on the proposed final undertakings and timing of the Tribunal process.
‘Curro said that it will provide a further update to shareholders during the course of next week regarding the final undertakings,’ the company said.
The proposed offer values each Curro share at about R13, settled in a small cash component and share allocations in Capitec and PSG Financial Services.
If the Tribunal approves the scheme, management will remain in place as the trust steers Curro into a nonprofit model.
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