Commission recommends Tribunal approve Bidco’s acquisition of Balwin
The Competition Commission has recommended to the Competition Tribunal that it approve the proposed transaction whereby Bidco intends to acquire property group Balwin Properties, without conditions.
The primary acquiring firm, Bidco, is controlled by the Government Employees Pension Fund (GEPF) and is represented by the Public Investment Corporation (PIC) and Volker Holdings.
The PIC is appointed as the GEPF’s asset manager and, on behalf of the GEPF, invests in various classes of assets including equities, property and fixed income, which the PIC has been appointed to manage.
Volker is a holding company incorporated for the sole purpose of holding Balwin shares.
Balwin in May announced that a consortium comprising the property company's founder investors and the PIC, had made an offer to acquire all shares in the specialist large-scale residential property developer at R4.35 a share, valuing Balwin at about R2.26-billion.
Balwin is a diversified property ownership and development group with a portfolio exclusively consisting of residential properties located in KwaZulu-Natal, Gauteng and the Western Cape.
At the time of announcing the proposed transaction, Balwin co-founder and CEO Steve Brookes said private ownership would better align Balwin’s funding base with the long-term nature of the company's development pipeline.
"With the support of the PIC, founder-management and our reinvesting shareholders, we believe Balwin will have the capital stability and strategic support required to strengthen its market position and continue delivering high-quality, environmentally efficient residential developments,” he said in May.
The commission is of the view that the proposed transaction is unlikely to substantially lessen or prevent competition in any relevant market.
The proposed transaction does not raise significant public interest concerns, it points out.
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