During Q3, 93 deals – executed by primary and secondary SA exchange-listed companies –were recorded by DealMakers (valued at R216,85bn), of which 80 deals (with a value of R98,9bn) were executed by companies with a primary listing. For the period Q1 - Q3 2024, a total of 204 deals were recorded – valued at R198,1bn – against 217 deals valued at R120bn during the same period in 2023 (page 6). Analysis of the deals’ target sectors shows that M&A activity in the real estate sector remains buoyant, accounting for 32% of deal activity, followed by resources (10%) and retail and general industrials, both at 8% (pg 10).

Of the top 10 deals by value for the year to end September 2024, the Canal+ buyout of MultiChoice minority shareholders remains the largest, with a price tag of R35bn (pg 8). South Africa has well-established regulations for M&A, but the uncertainty surrounding government policy and business reforms has sometimes deterred investment. Private equity (PE) firms have remained active, although their strategies have shifted toward more selective investments and value-creation opportunities. The challenging economic environment has encouraged PE players to focus on portfolio optimisation and exits, while scouting for opportunities in resilient sectors like fintech, healthcare and logistics.

And South Africa has continued to attract cross-border M&A, with investors from Europe, the Middle East and Asia showing interest (pg 10). These deals have often targeted companies that can provide access to broader African markets, benefiting from South Africa's established infrastructure and financial systems. This issue contains a number of interesting reads – from how to bridge the valuation gap in public M&A, to how to navigate seller risk in share-for-share transactions; to understanding Statement 102 within SA’s B-BBEE framework.
 

It is that time of the year again when SA enters its ‘silly’ season, and when DealMakers shifts its energies to the up-and-coming Ansarada DealMakers Annual Awards. Nominations for the subjective awards are now open, and will close on 22 November. I would like to take this opportunity to extend my gratitude to Phuthi Mahanyele-Dabengwa, Nicky Newton-King and James Formby (who constitute the Independent Panel) for, once again, agreeing to undertake the difficult task of selecting the winners for 2024. The event, to be held on 18 February 2025, will be a special one for DealMakers, as we are set to mark 25 years of engaging with and championing this industry’s players.
 

The team at DealMakers wishes you all a safe and restful break over the festive season. Enjoy the downtime with family and friends, and we hope to see you all in February.