{"id":838825,"date":"2025-10-01T16:31:28","date_gmt":"2025-10-01T14:31:28","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=838825"},"modified":"2025-10-06T09:43:17","modified_gmt":"2025-10-06T07:43:17","slug":"international-company-set-to-buy-south-african-company-for-r23-billion","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/838825\/international-company-set-to-buy-south-african-company-for-r23-billion\/","title":{"rendered":"International company set to buy South African company for R23 billion"},"content":{"rendered":"\n

The takeover of Barloworld by a consortium of investors led by Saudi Arabia\u2019s Zahid Group has become unconditional. <\/p>\n\n\n\n

Barloworld is a JSE-listed industrial company and is the exclusive distributor of Caterpillar construction equipment in Southern Africa.<\/p>\n\n\n\n

The company is set to be acquired by Newco, which comprises Gulf Falcon Holding, a subsidiary of Saudi Arabia\u2019s 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

Barloworld shareholders have now been advised that Newco\u2019s R23 billion Standby Offer relating to the Proposed Transaction has become wholly unconditional.<\/p>\n\n\n\n

Today, 1 October 2025, the parties agreed to waive the Standby Condition related to the receipt of competition approval by the Common Market for Eastern and Southern Africa (COMESA).<\/p>\n\n\n\n

All Standy Offer Conditions have thus been fulfilled, making it unconditional. <\/p>\n\n\n\n

Newco now has Valid Acceptances of the Standby Offer in respect of 77,595,744 Barloworld Ordinary Shares, equating to roughly 41.6% of all the Barloworld Ordinary Shares in issue (excluding Treasury Shares). <\/p>\n\n\n\n

With the Consortium and Barloworld Foundation\u2019s existing shareholders, Newco has approval from 65.0% of the Barloworld Ordinary Shares in issue (excluding Treasury Shares).<\/p>\n\n\n\n

\u201cThis landmark transaction reflects the consortium\u2019s strong belief in the long-term potential of Barloworld and is a resounding endorsement of South Africa\u2019s prospects,\u201d said Sydney Mhlarhi, spokesperson for Newco. <\/p>\n\n\n\n

\u201cWe urge shareholders who have not yet accepted the offer to act promptly.\u201d<\/p>\n\n\n\n

Not wholly popular<\/h2>\n\n\n
\n
\"\"<\/a>
Barlworld CEO Dominic Sewela<\/figcaption><\/figure><\/div>\n\n\n

Despite the interest from an international giant, the deal has faced criticism from Barloworld\u2019s shareholders this year. <\/p>\n\n\n\n

MoneyWeb<\/a> previously reported that two of the largest shareholders of Barloworld were voting against the sale at a general meeting. <\/p>\n\n\n\n

There were fears over a potential conflict of interest due to Sewela\u2019s involvement. The initial failure to get majority support from shareholders triggered the Standby Offer. <\/p>\n\n\n\n

Barloworld said that if the Consortium receives the compliance certificate from the Takeover Regulations Panel by 7 October 2025, the settlement of the offer will occur with the following timetables:\u00a0<\/p>\n\n\n\n

Finalisation Date<\/td>Wednesday, 1 October 2025<\/td><\/tr>
First payment date (Payment of Standby Offer Consideration to Barloworld Ordinary Shareholders who have accepted the Standby Offer by Friday, 3 October 2025):<\/td>Wednesday, 8 October 2025<\/td><\/tr>
Last day to trade in Barloworld Ordinary Shares in order to be able to accept the Standby Offer:<\/td>Friday, 10 October 2025<\/td><\/tr>
Second payment date (Payment of Standby Offer Consideration to Barloworld Ordinary Shareholders who have accepted the Standby Offer by Friday, 10 October 2025):<\/td>Wednesday, 15 October 2025<\/td><\/tr>
Record date and the Standby Offer closes at 12:00 on (Closing Date)<\/td>Wednesday, 15 October 2025<\/td><\/tr>
Results of the Standby Offer announced on SENS and the ANS:<\/td>Thursday, 16 October 2025<\/td><\/tr>
Final payment date (Payment of Standby Offer Consideration to Barloworld Ordinary Shareholders who have accepted the Standby Offer by the Closing Date):<\/td>Thursday, 16 October 2025<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"

Investors from Saudi Arabia are looking to acquire JSE-listed Barloworld, with a R23 billion deal possibly completed in two weeks.<\/p>\n","protected":false},"author":95,"featured_media":838826,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[10536,23733,21550],"class_list":["post-838825","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-barloworld","tag-entsha","tag-zahid-group"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/838825","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=838825"}],"version-history":[{"count":7,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/838825\/revisions"}],"predecessor-version":[{"id":839102,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/838825\/revisions\/839102"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/838826"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=838825"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=838825"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=838825"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}