Johannesburg - Stellar Capital Partners, 20 percent-owned by dealmaker Christo Wiese, this week agreed to acquire controlling stakes in Tellumat and Bidco, which in turn owns Cadiz, for a total of R280 million.
The company said it had entered into agreements to buy an extra 63.14 percent stake in Tellumat for about R166m. This would hike Stellar Capital’s stake in Tellumat to 93.14 percent.
Stellar is in similar talks with Bidco to buy an extra 39.04 percent in the company for R114m to increase its stake in Bidco to 85.03 percent.
“Stellar Capital is seeking to increase its shareholding in Tellumat as it believes that the business has significant potential and will benefit from a shareholder of reference that is able to support its expansion plans,” Stellar said.
Tellumat provides technology solutions and services to the ICT (information and communications technology), defence and security, energy and transport sectors.
Bidco is a newly incorporated company, which was established specifically for purposes of acquiring and holding Cadiz as a wholly-owned subsidiary.
Stellar shares on the JSE ended down 0.84 percent at R2.36.
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