A firm linked to billionaire Patrice Motsepe is consolidating control of Alexander Forbes Group Holdings Ltd. through a deal that will see US financial-services giant Prudential Financial Inc. exit its investment in South Africa\u2019s biggest standalone retirement-fund administrator.<\/p>\n\n\n\n
The transaction will see ARC AF Holdings (RF) Pty Ltd., which is linked to Motsepe\u2019s African Rainbow Capital, ultimately raise its stake in the financial-services firm to 77.94%, it said in a statement on Friday. <\/p>\n\n\n\n
It currently holds a 49.88% interest in the company.<\/p>\n\n\n\n
Alexander Forbes shares jumped as much as 9.4% to their highest intraday level since March 2025, before paring gains to 6.5% as of 10h13 in Johannesburg. <\/p>\n\n\n\n
The advance lifted the company\u2019s market value to about R9.4 billion ($580 million).<\/p>\n\n\n\n
Prudential first acquired a stake in Alexander Forbes in 2022. Bloomberg reported in December that Prudential was considering a sale.<\/p>\n\n\n\n
Financial services and fintech are a key part of African Rainbow Capital\u2019s strategy, with the firm saying in 2024 that it plans to increase exposure to the sector. <\/p>\n\n\n\n
Besides a holding in Alexander Forbes, it has interests in the continent\u2019s biggest insurer, Sanlam Ltd. and Tyme Group, the digital banking company that owns operations in South Africa and the Philippines.<\/p>\n\n\n\n
New Veld LLC, a 99%-owned unit of Prudential, holds 34.39% of Alexander Forbes. The South African firm will buy back 372.8 million shares from New Veld for about R2.5 billion. <\/p>\n\n\n\n
Separately, Motsepe\u2019s ARC will buy New Veld\u2019s remaining 74.1 million Alex Forbes shares directly.<\/p>\n\n\n\n
Alexander Forbes will finance the buyback with cash resources and a R2.1 billion loan. The deal is subject to conditions, including shareholders\u2019 approval of the stock repurchase.<\/p>\n","protected":false},"excerpt":{"rendered":"
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