The Competition Tribunal has unconditionally approved a merger involving Old Mutual Alternative Investments (OMAI) and ACTOM Investment Holdings.
OMAI will, through its subsidiary OMPE V GP, acquire shares in ACTOM Investment Holdings, following the tribunal’s unconditional approval of the transaction.
Post-merger, OMAI will control the majority of the voting rights in ACTOM, thus acquiring indirect control over ACTOM.
The tribunal has concluded that the merger is unlikely to result in a significant prevention or lessening of competition in any market in South Africa.
In addition, the transaction does not give rise to any public interest concerns, it points out.
OMAI is a South African private company which is ultimately controlled by Old Mutual.
The Old Mutual group is a diversified African services group that offers a broad spectrum of financial solutions and is the ultimate holding company for several subsidiaries operating across various lines of businesses in the financial services industry, namely life assurance products, short-term insurance, savings, property, asset management, banking and lending, besides others.
The ACTOM group is involved in the manufacture, repair, maintenance and distribution of electrochemical equipment in Africa.
Its divisions include energy, distribution transformers, electrical equipment, engineering projects and construction, high-voltage equipment and medium-voltage and protection.