High profile deals during the year included Groupe Canal+’s acquisition of MultiChoice – which won the award for Deal of the Year – Barloworld’s take private, and the sale by Telkom of Swiftnet, its telecom tower portfolio. The JSE welcomed WeBuyCars and Boxer Retail to the bourse, in addition to three inward secondary listings by Powerfleet Inc, Assura plc and Supermarket Income REIT plc, with a combined market capitalisation of c. R100bn. The real estate sector remained buoyant, accounting for 34% of M&A activity in South Africa during 2024. This trend underscores ongoing investor confidence in the country's property market, with significant transactions contributing to the sector's dynamism. 

Behind the scenes, in what DealMakers categorises as general corporate finance activity, 275 transactions were recorded, amounting to R532bn. Share repurchases of R217bn accounted for the lion’s share of the total value, with the repurchase programmes of Prosus and Naspers dominating. The local listing of Boxer Retail in November was a significant event in the capital markets, with a market capitalisation of R29,05bn. There were 15 listings on South Africa’s exchanges during 2024 – eight on the JSE, six on A2x (including two inward listings), and one on the Cape Town Stock Exchange. 
 

M&A activity in 2025 presents potential challenges, including global economic uncertainties and possible shifts in U.S. trade and investment policies under a new Trump administration. However, if South Africa continues to implement pro-investment reforms and stabilise key industries, the pipeline of deals could become a reality, and M&A momentum sustained.

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2024 marked DealMakers’ 25th anniversary – it is quite surreal to think that when DealMakers was launched back in 2000, SENS was but a fledgling, with announcements carrying little in the way of added information. That same year, the first ETF in South Africa (known as Satrix40) listed on the JSE, and the exchange transitioned fully from an open outcry trading system to an electronic trading platform. Enviably, the exchange rate was R6.00/$ and R10/£!

My immense gratitude, as always, to the Oval Table members who make up the DealMakers Advisory Board. Their time and dedication to this industry, and their guidance and support of DealMakers has ensured that we have successfully navigated the everchanging space that is M&A. To the Independent Panel, my grateful thanks for selecting the shortlisted nominees and winners of the 2024 subjective awards. 

 

At the time of going to print, the number of people set to attend our Annual Awards Event surpassed 600 for the first time. I would like to take this opportunity to thank the industry for supporting DealMakers through the years. Here is to the next 25 years – onward and upward!