Sanlam sells Metrofibre stake
Sanlam Private Equity announced that it has successfully negotiated the sale of its stake in Metrofibre Networx.
The deal is one of three private equity investments Sanlam disposed of in the past 12 months, with proceeds of around R1.9-billion. The other two companies are glassmaker Consol and welding distributor Weldamax.
“Now that we are emerging from the pandemic, we are seeing a resurgence in investment activity in private markets,” said Sanlam Private Equity head John Seymour.
“Sanlam Private Equity is committed to protecting and growing jobs and we consider these three deals to have made a very positive contribution in this regard.”
Sanlam first invested in Metrofibre in 2013, during the company’s early stages.
It said it supported the business through its growth and expansion phases, which saw permanent employee numbers increase 13-fold.
African Infrastructure Investment Managers (AIIM) announced in June last year that it agreed to acquire a 25.8% interest in Metrofibre together with a consortium.
The consortium comprises the South African Housing & Infrastructure Fund through its Digital Infrastructure Consortium platform, and STOA, a French foreign investment vehicle.
AIIM would acquire its stake from Sanlam Private Equity, African Rainbow Capital, and a minority shareholder.
The Competition Tribunal unconditionally approved the deal on 31 August 2021.
African Rainbow Capital announced in March that the sale of its stake had gone through.
Loading ...