A consortium led by Saudi Arabia\u2019s Zahid Group has received approval from the Competition Tribunal to acquire Barloworld, which is set to delist from the JSE.<\/p>\n\n\n\n
Barloworld is an industrial company with a focus on industrial equipment and is the exclusive distributor of Caterpillar construction equipment in Southern Africa.<\/p>\n\n\n\n
It is set to be acquired by Newco, which comprises Gulf Falcon Holding, a subsidiary of Saudi Arabia’s Zahid Group and Entsha, a company linked to Barloworld CEO Dominic Sewela. <\/p>\n\n\n\n
Zahid Group offers construction, energy, manufacturing, travel, financial, hospitality, oil and marketing services. <\/p>\n\n\n\n
Shareholders have now been advised that the South African Competition Tribunal has approved Newco\u2019s R23 billion acquisition of Barloworld. <\/p>\n\n\n\n
The approval is subject to certain agreed public interest conditions, which include the implementation of a broad-based black economic empowerment structure after delisting.<\/p>\n\n\n\n
The Tribunal’s approval follows a positive recommendation from the South African Competition Commission in June and concludes the competition review process in South Africa.<\/p>\n\n\n\n
The parties continue to work towards fulfilling the conditions required for the transaction to become unconditional, including competition approvals from other jurisdictions.<\/p>\n\n\n\n
\u201cWe are delighted that the Tribunal has approved the transaction,\u201d said Sydney Mhlarhi, spokesperson for Newco. ss.\u201d <\/p>\n\n\n\n
\u201cWe maintain our firm belief that this transaction is a win for South Africa and ensures Barloworld\u2019s long-term sustainability, offering a compelling premium for shareholders while delivering broad-based economic and value benefits.\u201d <\/p>\n\n\n\n
It is noted that the Standby Offer remains open for acceptance, and shareholders who have not yet tendered their shares will have the opportunity to do so. <\/p>\n\n\n\n
The deadline for acceptance of the Standby Offer is 12:00 on the first Friday falling ten Business Days or more after the date the remaining conditions precedent to the Standby Offer are fulfilled. <\/p>\n\n\n\n
This is expected to be in September 2025, with a detailed timeframe found below: <\/p>\n\n\n\n