End of an era for major private school group in South Africa
Listed private school group Curro has announced to shareholders that all suspensive conditions for takeover by billionaire Jannie Mouton’s Foundation have been met, making the deal unconditional.
This paves the way for the acquisition to be completed, with Curro announcing a more detailed timeline in due course.
“Curro is pleased to confirm that all of the Suspensive Conditions, as outlined in the Circular, have now been fulfilled or waived, where permitted, as the case may be, and that the Proposed Transaction has accordingly become unconditional,” it said.
“Consequently, Curro will proceed with the implementation of the Proposed Transaction once the TRP issues the requisite compliance certificate, which is anticipated to be received on or about Monday, 22 December 2025.”
Following receipt of the compliance certificate, Curro will publish the finalisation announcement, containing the remaining salient dates and times for implementation of the Proposed Transaction.
The deal becoming unconditional is a big step in the process and follows Mouton’s Foundation receiving approval from the Competition Commission to acquire the group at the end of November.
The transaction will see the Foundation acquire Curro in a deal worth R7.2 billion.
The commission recommended that the transaction be approved, subject to undertakings that the new organisation will make a substantial positive contribution to education.
This includes providing greater access to historically disadvantaged persons (HDPs).
Through the deal, the Foundation will provide existing shareholders with a minor cash consideration, as well as shares in Capitec and PSG Financial Services.
The completion of the deal will mark the end of Curro as a publicly traded private school group, as it will delist from the JSE and move forward as a bona fide public benefit organisation (PBO).
A new beginning
Mouton is one of the nation’s wealthiest individuals and founded the PSG group, which has gone on to support several successful businesses, including Capitec, PSG Financial Services, and Curro.
He established the foundation in 2004 as a means to further invest in the nation’s education, having already donated a significant portion of his wealth to the foundation.
Curro is South Africa’s largest independent school network, with over 70,000 students nationwide.
Curro’s services include digital learning, various curricula tailored for specific students, as well as pre-school, primary, and secondary school offerings.
Mouton’s foundation wants to position Curro as an ever-evolving independent education institution that uses funds to build more schools, grow facilities and offer bursaries.
The transaction would enable Curro to continue growing independently, with the current management team on board. Curro will also become a registered PBO and delist from the JSE.
The roughly R13 per share offer works out to:
- A cash Consideration of R0.85837 per Scheme Share (which will comprise approximately 6.6% of the Scheme Consideration)
- Capitec Shares in the ratio of 0.00284 Capitec Shares per Scheme Share (which will comprise approximately 79.7% of the Scheme Consideration);
- PSG Financial Services Shares in the ratio of 0.07617 PSG Financial Services Shares per Scheme Share (which will comprise approximately 13.7% of the Scheme Consideration).
Curro’s share price has rocketed over the months since the transaction was first announced, with shareholders drawn to the acquisition of Capitec shares in particular.
Over the last six months, Capitec and PSG Financial Services have both seen their share prices rise by around 25%.
After delisting, Curro’s growth will be accelerated via reinvestment of its potential returns/surplus.
The foundation said that this will enable Curro to grow its offerings faster via new builds, expansions, the acquisition of schools and innovation in education.
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