Chamwe Kaira
The Namibian Competition Commission (NaCC) has unconditionally approved the takeover of Barloworld Limited’s operations in Namibia by Newco.
“The parties therefore confirm that the standby offer condition relating to the receipt of approval from the Namibian Competition Commission has been fulfilled,” the company said.
Barloworld and Newco announced the proposed deal on 28 February. Since then, the parties have been securing approvals from regulators across the region.
On 26 August, the Botswana Competition and Consumer Authority informed the two companies that it had unconditionally approved the implementation of the Newco offer.
“The parties therefore confirm that the standby offer condition relating to the receipt of approval from the Botswana Competition and Consumer Authority has been fulfilled,” Barloworld said at the time.
Last month, the South African Competition Tribunal approved Newco’s N$23 billion acquisition of Barloworld, subject to public interest conditions.
The conditions include the implementation of a comprehensive black economic empowerment structure following the company’s delisting.
The approval followed a positive recommendation from the South African Competition Commission on 9 June, completing the review process in that country.
Barloworld said the only outstanding approvals required for the implementation of the takeover are from COMESA and the competition authorities in Angola.
“The filings in these jurisdictions have been submitted to the relevant authorities, and the parties are working towards obtaining these approvals as soon as possible,” the company said.
Barloworld Equipment, a subsidiary of Barloworld, operates in Namibia, Angola, Botswana, Eswatini, Lesotho, Malawi, Mozambique, South Africa, Zambia, Zimbabwe, and the Katanga province of the Democratic Republic of Congo.
In Namibia, the company distributes and supports Caterpillar and other heavy machinery for mining, construction, and related industries. Its operations are in Windhoek, Walvis Bay, and Swakopmund, offering marine power solutions, industrial and electric power ratings, oil and gas sustainability, and equipment support.
The company has also committed to participate in Namibia’s oil and gas industry.
In December, Saudi Caterpillar dealer Zahid announced it had acquired 49% of Barloworld in South Africa. Barloworld is the largest Caterpillar dealer in Africa, one of the largest globally, and owns the world’s second-largest Caterpillar equipment remanufacturing plant.
Zahid Group is a Saudi Arabian family-owned business offering services in construction, energy, manufacturing, travel, finance, hospitality, oil, and marketing.
Newco is part of a consortium led by Zahid. It includes Gulf Falcon Holding, a subsidiary of Zahid Group, and Entsha.
Caption
Barloworld distributes Caterpillar machinery in Namibia.
- Photo: Barloworld
