Noteworthy M&A Deals Of The Week

Transaction Tuesdays With Talita

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The second week of February 2026 has witnessed an extraordinary surge in activity within the South African M&A landscape. Due to the volume of high-stakes transactions, this edition of Transaction Tuesday with Talita  features several major deals that represent strategic pivots by some of the region's most influential investment firms and billionaires to consolidate market share, resolve long-standing regulatory hurdles and exit legacy positions.

Atterbury Buys Back Shares from RMH, Subsequently Delisting the Group

Following a long-running corporate saga between RMB Holdings (RMH) and Atterbury Property Group a conclusion was reached on 9 February 2026 with a formal buyout offer from AttBid. Attbid is s consortium owned 49% by Atterbury Property Fund and 51% by Faan and Dirk van der Walt, the billionaire co-founders of WeBuyCars. This partnership dates back to 2016 when the iconic financial firm RMH pivoted from banking into property investments by acquiring a stake in Atterbury. However, years of operational friction ensued due to divergent philosophies: RMH, a listed entity, sought liquidated assets and high dividends for shareholder returns, while Atterbury, an unlisted property developer, prioritised long-term reinvestment into new projects. Tensions peaked in 2023 when a R478 million loan was settled in shares rather than cash, and further escalated in August 2025 when RMH's board representation at Atterbury was reduced. Seizing an opportunity after RMH wrote down its Atterbury stake by 36% to R498 million in late 2025, Atterbury founder, Louis van der Watt, and his partners launched the bid to reclaim his company at a significant discount of R0.47 per share, valuing the company at approximately R655 million. This deal marks the final step in RMH's multi-year monetisation strategy and will result in the firm being delisted from the JSE.

Harith General Partners Acquires FlySafair After Protracted Regulatory Disputes

On 10 February 2026, Harith General Partners, a leading pan-African infrastructure investor founded in 2006, announced a Sale and Purchase Agreement to acquire 100% of FlySafair. The deal, to be executed via a newly formed special purpose vehicle, Harith Aviation, involves the full exit of the current majority owner, Dublin-based ASL Aviation Holdings. While the exact value remains confidential, it is expected to represent approximately 15% of Harith’s $3 billion portfolio and will be funded through a combination of equity and debt. FlySafair, which launched in 2014 and currently holds a dominant 67% of South Africa's domestic seat capacity, has been under significant regulatory pressure to meet the country's 75% local ownership requirement for aviation licences. This transaction is highly significant as it effectively "South Africanises" the airline, resolving its long-standing licensing dispute while integrating it into Harith’s broader transport ecosystem, which already includes a stake in Lanseria International Airport. The deal is expected to close by the fourth quarter of 2026, with the airline maintaining its existing brand and management team.

Sanlam Private Equity Acquires Majority Stake in Medical Device Leader, Medhold

In a move signalling deep confidence in the regional healthcare sector, Sanlam Private Equity (SPE) - the private equity arm of Sanlam Investments, overseen by billionaire Patrice Motsepe - announced on 12 February 2026 the acquisition of a majority stake in Medhold. Founded in 1988, Medhold is a premier distributor of advanced medical technology and hospital equipment, operating across five Southern African countries: South Africa, Namibia, Zambia, Zimbabwe and Botswana. The transaction serves as the first investment for SPE’s Mid-Market Fund II and marks the exit of Old Mutual Private Equity (OMPE), which had held a 50% stake in the company since 2018. Medhold provides end-to-end services, including the supply, installation and clinical training for high-tech systems like robotic-assisted surgical unitsand diagnostic imaging, representing major global brands such as GE Healthcare. This deal is noteworthy for its aim to professionalise and scale the mid-market company, with plans to expand its product portfolio and social responsibility initiatives across the region.

These three landmark transactions underscore a significant period of restructuring and consolidation within the South African corporate landscape. By resolving protracted ownership disputes in aviation, finalising a multi-year divestment strategy in property and scaling high-tech healthcare distribution, these deals highlight the proactive role of local private equity and billionaire-led investment firms in driving regional growth. As these transactions move toward their respective closing dates, they will undoubtedly set the tone for the remainder of the year's corporate activity.