NEWCO ACQUIRES SILICA HOLDINGS FOLLOWING MERGER APPROVAL BY TRIBUNAL

The Tribunal has approved, without conditions, the large merger whereby Business Venture Investments No. 2182 (Pty) Ltd (“NewCo”) will acquire Silica Holdings (Pty) Ltd (“Silica Holdings”). Post-merger, Newco will have sole control over the business of Silica Holdings.

The Tribunal has concluded that the transaction is unlikely to substantially lessen or prevent competition in any market in South Africa. In regard to public interest considerations, the merger parties have undertaken not to retrench any employees for a period of 24 months. As a new entity, NewCo does not have any employees in South Africa. Silica, however, has 400 employees. The transaction does not raise any other public interest concerns.

The merger parties

The acquiring group (Newco and all the firms that directly or indirectly control it) provides platforms used by Linked Investment Service Providers to distribute savings and investment products. It provides wealth management technology through a platform-as-a-service ("PaaS") operating model to financial institutions that require a digital wealth management platform ("WMP") to distribute investment offerings globally. In South Africa, the acquiring group markets PaaS to WMPs, its customers who are banks, insurance groups, asset managers and wealth managers. It currently does not have any live customers.

Silica provides third-party administration and technology services to savings and investment product providers (unit trusts, retirement funds, life products and offshore funds) in South Africa. These services include operations, administration, investment and cash account and reconciliations including related tax, risk and compliance services and technology solutions to support these activities.

Issued by:

Gillian de Gouveia, Communications Officer

On behalf of the Competition Tribunal of South Africa

Cell: +27 (0) 82 410 1195

E-Mail: GillianD@comptrib.co.za

Twitter: @comptrib