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Blackstar buys stake in Mvelaphanda
According to a Business day report, private equity group, Blackstar has bought a 28% stake in the Mvelaphanda group for R468-million and there is speculation that this is the first step in a process aimed at gaining control of media group Avusa. Mvelaphanda owns a 21% stake in the media company.
Meanwhile, Fin24 reports that the 28% stake was purchased from Coronation Fund Managers for R470-million. Last month, Coronation blocked a proposal from Blackstar and Mvelaphanda to merge their listings.
In terms of the deal, Blackstar's chief executive Andrew Bonamour and another executive will gets seats on Mvelaphanda's board while Bonamour will become the firm's interim chief executive, Fin24 reports.
For more:
- Business Day: Blackstar buys 28% stake in Mvela
- Fin24: Coronation sells Mvela stake to Blackstar
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