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Invictus snaps up South African flour miller: Food and beverage giant Ghitha’s trading subsidiary, Invictus Investment inked an agreement to acquire an unnamed South Africa-based flour milling company, pending regulatory approvals, according to a press release (pdf). The details of the agreement, including the financial terms, have not been disclosed.
REMEMBER- Earlier this month, Invictus’ board greenlit a plan to acquire a majority stake in an agro-food manufacturer in Africa. The company was set to submit a binding offer to close the transaction.
What they said: “The acquisition contributes to our long-term strategy to expand our agro-food business in high-potential African markets, develop new strategic partnerships, and build on our operational capabilities in the midstream and downstream segments. It also brings us a step closer to our goal of becoming a fully integrated agro-food enterprise in the Middle East and Africa,” CEO Amir Daoud Abdellatif said.
ICYMI- Invictus is ramping up its investments in Africa: The company recently acquired a 60% stake in Moroccan agriculture trader Graderco, as it looks to ramp up its acquisitions and JVs in North and East Africa, including in Morocco, Algeria, Kenya, Tanzania, and Mozambique.
OTHER M&A NEWS-
e& enterprise finalizes the acquisition of GlassHouse: Emirati telco e& subsidiary e& enterprise completed the acquisition of 100% of Turkey-based cloud services provider GlassHouse for USD 60 mn, according to an ADX disclosure (pdf). The acquisition marks e&’s entry into Turkey’s IT and cloud services market, and will see it leverage GlassHouse’s services — including data backup, business continuity, managed cloud, and SAP Infrastructure — in the UAE and Saudi Arabia.
Remember: The Emirati firm inked a binding agreement to acquire GlassHouse from Mediterra Capital and an individual shareholder in June, with the transaction carried out through debt financing.
This acquisition is the first milestone of an expansion plan: The company considers this transaction as a gateway for more investment opportunities across the region, including the UAE, Saudi Arabia, and Turkey, the disclosure said.
Next steps: The financials of the Turkish company will be consolidated into e&’s financials starting 1 September.
