Jannie Mouton's Trust offers R7.2bn to acquire Curro Holdings

Curro’s market capitalisation at the close of trade on Tuesday was R4.52bn

- EDWARD WEST

AN EDUCATION trust founded by PSG Founder and Capitec co-founder Jannie Mouton has made a R7.2 billion offer to acquire all of Curro Holdings, South Africa's biggest private education company.

The early morning announcements on Wednesday saw the share price rocket 53.68% to R12.31, and the intention is to delist Curro and turn it into a nonprofit organisation, a statement said.

Curro said its board had received an offer letter from the Jannie Mouton Stigting (Foundation) to acquire all of the issued Curro shares by way of a scheme of arrangement. Curro’s market capitalisation at the close of trade on Tuesday was R4.52bn.

The Trust already owns 3.36% of Curro. The offer was R13 a share, of which 6.6% would comprise cash, 79% Capitec shares, and 13.78% PSG Financial Services shares.

Curro CEO Cobus Loubser said in an interview that an independent board would be established to evaluate the fairness of the offer to shareholders, and shareholder and other regulatory approvals would still need to be obtained if the transaction were to proceed.