Commission approves part II of the acquisition of INMSA subject to conditions
August 15 2013
The Competition Commission ("Commission") has on 07 August 2013 approved, with conditions, part II of the acquisition of the Independent News & Media South Africa (Pty) Ltd ("INMSA") by two firms.
The first acquiring firm is Sekunjalo Independent Media (Pty) Ltd ("Sekunjalo"), a private firm incorporated in terms of the laws of the Republic of South Africa ("SA"). Sekunjalo is a newly incorporated entity and does not control any other firm either directly or indirectly.
The second acquiring is Newco, a newly formed entity to be incorporated in the Republic of Mauritius. In the Shareholders Agreement entered between China International Television Corporation ("CITVC") and China Africa Development fund ("CADF"), it is indicated that Newco shall be called Interacom Investment Holdings Limited.
The Commission approved with conditions part I of the merger on 25 July 2013. In that transaction, Sekunjalo and Public Investment Corporation (PIC) acquired 75% and 25%, respectively of the entire share capital in INMSA. PIC is however not acquiring control of INMSA as envisaged in the Competition Act; therefore PIC is not regarded as a party to the transaction.