End of an era for iconic 124-year-old company in South Africa through R1.27 billion sale
Murray & Roberts Limited (MRL) has completed a R1.27 billion sale, which was the centrepiece of its business rescue plan.
The transaction sees a group of investors led by Differential Capital acquire MRL’s major mining interests, including its Cementation operations in both Africa and the Americas.
It also includes the Terra Nova Technologies (TNT) businesses. The transaction is the focal point of its business rescue plan.
MRL entered voluntary business rescue in November 2024 following a period of financial pressure within the broader Murray & Roberts group.
Murray & Roberts dates back to 1902, when it operated as a house builder in the Cape Colony under the name Murray & Stewart. It was listed on the JSE in 1951 and became Murray & Roberts in 1967.
In April 2025, the larger Murray & Roberts Holdings (MRH) was left commercially insolvent due to ongoing business rescue proceedings at MRL, and MRH was delisted from the JSE in early 2026.
The new R1.27 billion transaction was designed to preserve the value of the company’s mining companies and secure a future for the broader Murray & Roberts group structure.
The purchase consideration comprises an initial payment of R1 billion at closing and a deferred portion of R270 million payable 12 months thereafter.
The completion of the transaction creates a new, financially independent, mining services platform with operations across Africa and the Americas.
“From the outset, our focus has been on preserving viable businesses, protecting jobs and maximising value for creditors,” said Josh Cunliffe from Metis Strategic Advisors, a business rescue practitioner.
“This outcome would not have been possible without the constructive engagement of employees, creditors, funders, management, regulators and our transaction partners.”
The parties said that the deal comes during a period when the global mining sector is strengthening, creating new opportunities for specialist mining contractors.
Differential Capital, a South African investment firm specialising in complex Special Situations transactions, saw the quality of the businesses and their prospects as a compelling opportunity.
Mark Salmon, Head of Special Situations Fund at Differential Capital, said that the group was drawn to the opportunity to preserve a world-class mining services platform with deep technical expertise.
“Businesses like Cementation and TNT play a critical role in supporting the mining sector, which remains one of the foundations of South Africa’s economy,” Salmon said.
“By retaining these capabilities, this transaction delivers meaningful value not only for our investors, but for employees, clients, suppliers and the broader mining ecosystem.”
Not out of the woods
Throughout the process, Cementation was not in business rescue at any stage and retained its core operational capability.
The company is now working on projects across several jurisdictions, such as a five-year underground mining development and construction contract at Tharisa Minerals in South Africa.
As the transaction is now complete, Japie du Plessis has assumed the role of Chief Executive Officer of the new group, with Sibulele Songca appointed as Chief Financial Officer.
“This is much more than a change in ownership; it is the start of a new chapter for us,” said Du Plessis.
“We are now focused on building on those foundations, growing the business and creating long-term value for our people, our clients and the mining industry.”
The Business Rescue Practitioners, however, noted that even with the closing of the Differential Capital Transaction, the business rescue process in respect of MRL remains ongoing.
The deal has allowed the business rescue practitioners to settle all secured lender debt and all secured post-commencement finance (PCF) obligations.
However, at this stage, they do not expect to be able to make an unsecured creditor distribution until receipt of the deferred portion of the purchase consideration.
Nevertheless, they will continue to monitor the position and will keep creditors informed as the business rescue process continues.
“The mining industry is entering an exciting period of investment and growth, and we are well-positioned to be part of that story,” Du Plessis said.
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