Lebashe Investment Group Proprietary Limited signed an agreement to acquire Media, Broadcasting and Content Businesses in South Africa from Tiso Blackstar Group SE (JSE:TBG) for ZAR 800 million on June 27, 2019. Lebashe Investment Group Proprietary Limited entered into formal transaction agreement on July 26, 2019. The consideration is subject to certain adjustments. The purchase consideration in terms of the South Africa sale will be adjusted for, debt, cash and normalised working capital, and for any movement in tangible net asset value. The transaction is subject to regulatory approval, antitrust approval and Tiso Blackstar shareholders’ approval. The board of directors of Lebashe and Tiso Blackstar Group require to pass a resolution for the approval of disposal. Lebashe have to furnished BHG will a letter of comfort confirming that Lebashe has sufficient funds available to pay towards the purchase consideration payable under the transaction. Certain key management, including Andrew Bonamour, require to conclude a consultancy agreement with TBG SA in terms of which they will provide consulting services to the TBG SA group of companies in case of disposal. The transaction requires third party lenders approval. As of October 7, 2019 competition commission tribunal approved the transaction. The shareholder meeting of Tiso Blackstar is scheduled on October 23, 2019. As of October 23, 2019, the transaction is approved by the shareholders of Tiso Blackstar. The transaction is expected to complete by November 29, 2019. The majority of the consideration will be utilized to reduce the Tiso Blackstar Group debt to appropriate levels which will allow further growth of H&C as the core operation. PSG Capital acted as financial advisor and Cliffe Dekker Hofmeyr acted as legal advisor to Tiso Blackstar Group. Cliffe Dekker Hofmeyr acted as legal advisor and Delta Partners acted as financial advisor to Lebashe Investment Group Proprietary Limited.