Realising value for Budvest in strategic sale of Assupol stake to Sanlam

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Investec is proud to have advised Budvest on the successful sale process conducted in respect of its 46.11% shareholding in Assupol.

Following the successful conclusion of a sales process initiated and conducted by Budvest, Sanlam and Assupol have entered into an implementation agreement, pursuant to which Sanlam has made an offer to acquire all of the issued shares of Assupol for total purchase consideration of R6.5 billion.

Key Assupol shareholders:

  • Budvest: 46.11%
  • IFC: 19.36%

Transaction metrics:

  • Total purchase consideration: R6.5 billion
  • Per share consideration at implementation date (assumed to be 26 August 2024): R15.23
  • Per share consideration represents a premium of 32.43% to closing Assupol price as at 3 April 2023 (R11.50) 

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