Invicta Holdings, an investment company in which South African billionaire Christo Wiese is the largest shareholder and chairman, has agreed to pay more than R500 million ($33.4 million) for a majority interest in Dartcom Group, which distributes communications and renewable energy technology.
In a notice issued to the Johannesburg Stock Exchange on Thursday, Invicta Holdings said it would pay R50 million in cash and issue the seller, Tuludi Capital, shares valued at R450.8million ($30.11) in return for Tuludi’s 78.03-percent shareholding in Dartcom Group.
“Invicta is pleased to advise that it has entered into a heads of agreement (“HOA”) with Tuludi Capital Proprietary Limited (“Tuludi”), an investment vehicle managed by New GX Capital Group (“New GX”), and Kgalauwane Properties Holdings(“Kgalauwane”) (collectively, the “Sellers’) to purchase a majority shareholding in Dartcom SA Proprietary Limited (“DSA” or the “Dartcom Group”),” the announcement read in part.
Dartcom Group is a leading distributor of communication and renewable energy technology equipment and solutions in Africa.
The company offers a wide range of fiber connectivity and management solutions, active equipment such as site monitoring and maintenance and power and renewable energy solutions.
Its clientele includes MTN, Cell-C, Liquid Telecom and Vodacom, among others.
Invicta Holdings is an investment holding that owns two subsidiaries focused on the supply and distribution of industrial consumables, spare parts and capital equipment.
With this new acquisition, Invicta is seeking to diversify away from its industrial base in South Africa and establish a diversified provider of telecommunications, renewable energy and related battery storage technology solutions, which has growth potential in South Africa and throughout Africa.
Wiese is the chairman and largest shareholder in Invicta, with a 20.7-percent stake. His stake in the company is presently worth more than $45 million.
