Private equity firm Actis is among a group of investors buying a stake in South African vehicle tracking company Tracker, Reuters reported Monday. Actis and others will pay 3.9 billion rand ($485 million) for the stake currently owned by investment group Remgro. The company makes equipment used to recover stolen cars. The size of the stake was not disclosed.
(Reuters) – A group of investors including private equity firm Actis has bought a stake in South African vehicle tracking company Tracker from investment group Remgro in a 3.9 billion rand ($485 million) deal, the companies said on Monday.
Remgro will dispose of its undisclosed stake in Tracker, whick makes equipment used to recover stolen cars.
Existing shareholder FirstRand will transfer its stake in Tracker from its Wesbank unit to its RMB Ventures unit, a spokeswoman said.
In addition, the Mineworkers Investment Company will increase its shareholding in the business.
Private equity firms are increasingly active on the African continent, drawn by strong prospects in fast-growing economies.
Washington D.C.-based Carlyle said in March it was entering sub-Saharan Africa, targeting investments in consumer goods, financial services, agriculture and infrastructure. ($1 = 8.039 South African Rand) (Reporting by Tiisetso Motsoeneng; editing by David Dolan)