RFG Holdings exit by Capitalworks and other shareholders to Premier Group (share-for-share; RFG delisted from the JSE). Value as disclosed: 5,780,000,000 ZAR.
Largest FMCG transaction in SA in five years; RFG shareholders to hold c.22.5% of enlarged Premier. Catalyst 2025 Pick of the Best: R5.78bn share-for-share exit of RFG Holdings by Capitalworks (44.54%), Foord (13.0%), Old Mutual (10.3%) and others to Premier, under which RFG shareholders own c.22.5% of the enlarged Premier Group and RFG delists from the JSE; offer of one Premier share per seven RFG shares (premium 35.6% at 14 October 2025); approvals required in South Africa, Botswana, Eswatini and Namibia plus SARB, JSE and Takeover Regulation Panel; Local Advisers: Investec Bank, Rand Merchant Bank, DLA Piper South Africa, Webber Wentzel, Primerio International, BDO, Valeo Capital and PwC.
