Lebashe Investment Group Proprietary Limited entered into an agreement to acquire Media, Broadcasting and Content Businesses from Tiso Blackstar for ZAR 200 million on June 27, 2019. Lebashe Investment Group Proprietary Limited entered into a formal agreement to acquire Media, Broadcasting and Content Businesses from Tiso Blackstar on July 26, 2019. As part of the transaction, Tiso Blackstar Holdings SE will sell 100% of its shares in and claims against Africa Investment Holdings Ltd to Lebashe, which, in turn, enables Lebashe to acquire Tiso Blackstar Holdings UK's interests in each of Tiso Blackstar Group's African radio assets in Nigeria, Ghana and Kenya, comprising 24.5% of the shares in Coopers Communications Ltd, 32.2% of the shares in Multimedia Group Limited and 49% of the shares Radio Africa Limited for a purchase consideration of ZAR 200 million. Lebashe will pay the consideration in cash on completion. In related transaction, Lebashe Investment Group Proprietary Limited signed an agreement to acquire Media, Broadcasting and Content Businesses in South Africa from Tiso Blackstar Group SE for ZAR 800 million on June 27, 2019 and Lebashe Investment Group Proprietary Limited agreed to acquire South African radio assets of Tiso Blackstar Group from Tiso Blackstar Group SE for ZAR 50 million on July 27, 2019. This transaction is subject to approval of Boards of Directors of Lebashe and Tiso Blackstar for entering into and implementation of agreement, completion of Restructuring Agreement, acquisition of Media, Broadcasting and Content Businesses in South Africa become unconditional, approval from Kenya Competition Authorities, approval from communications authorities in Kenya, Ghana and Nigeria, approval from the exchange control authorities of the South African Reserve Bank by not later than November 29, 2019. As of October 7, 2019, Competition Tribunal approved the transaction of Tiso Blackstar Group’s media assets by Lebashe Investment Group without conditions. This transaction is expected to complete by November 29, 2019. The majority of the consideration will be utilised to reduce the Tiso Blackstar Group's debt. Cliffe Dekker Hofmeyr acted as legal advisor and Delta Partners FZ-LLC acted as financial advisor to Lebashe Investment. PSG Capital (Pty) Limited acted as financial advisor and Cliffe Dekker Hofmeyr acted as legal advisor to Tiso Blackstar.