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Africa’s oldest billionaire backs $1.42 billion bid to take over Australia’s Abacus Storage King

Natie Kirsh-backed consortium ups Abacus Storage King bid to $1.42 billion, intensifying takeover battle.

Africa’s oldest billionaire backs $1.42 billion bid to take over Australia’s Abacus Storage King
Natie Kirsh, Africa’s oldest billionaire, backs takeover bid for Abacus Storage King

Table of Contents


Key Points

  • The consortium's improved offer values the self-storage firm at A$2.17 billion, up from April’s A$1.93 billion proposal.
  • Abacus confirmed receipt of the revised bid, pushing shares up more than 7% on Monday, July 14.
  • A rival firm’s 4.78% stake could disrupt the takeover if key shareholders oppose the consortium’s offer.

A consortium made up of Ki Corporation—the family office of Eswatini’s richest man and Africa’s oldest billionaire, Natie Kirsh—and U.S.-based Public Storage has returned with an improved offer to buy Abacus Storage King.

Revised deal values Abacus Storage King at A$2.17 billion

The new bid values the Australian self-storage company at A$2.17 billion ($1.42 billion), higher than the initial proposal made in April, which was turned down. The goal remains the same: to bring together a fragmented storage market across Australia and New Zealand.

In a statement released on Monday, July 14, Abacus Storage King confirmed it had received the revised offer, which sent its shares up by more than 7 percent. The updated proposal offers A$1.65 ($1.08) per share, a roughly 15 percent bump from the previous bid, not including shareholder distribution.

Ki, Public Storage to split ownership

Abacus Storage King operates around 126 self-storage facilities, with 21 development projects underway and another 75 properties under management or license across the region.

The company plays a key role in a growing industry, fueled by population growth and increasing demand for flexible storage. Ki Corporation already controls about 59.4 percent of Abacus, and if the deal is successful, ownership would be split evenly between Ki Corp and Public Storage.

Quiet stake purchase disrupts takeover

Back in April, Kirsh—now 93—and his family office teamed up with Public Storage to make a non-binding offer for all remaining shares not already owned by Ki or its affiliates. That offer priced the company at around A$1.93 billion ($1.2 billion), or A$1.47 ($0.96) per share.

It initially appeared promising. But in May, National Storage REIT, another player in the sector, quietly purchased a 4.78 percent stake in Abacus. That move raised eyebrows, with analysts noting that even a 10 percent stake could be enough to block the deal, possibly even less if key votes went the other way.

Offer below valuation sparks uncertainty

Soon after, Abacus turned down the offer. The board cited concerns around valuation, timing, and deal certainty. An independent assessment at the time estimated the company’s value at A$1.73 ($1.13) per share. The new A$1.65 ($1.08) offer still falls below that figure, but it reflects an upward shift and may keep the door open for further negotiation.

For now, Abacus has given the consortium six weeks to conduct due diligence. While the offer gives Ki Corporation a chance to realize more value from its majority stake, there are still hurdles ahead. Regulatory approvals and shareholder support remain critical—and there’s no assurance the deal will be finalized. Talks could still shift direction in the coming weeks.

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