Finance
PE Firm Harith to Buy 46% Stake in South African Rival Mergence
- The two entities together manage close to $3 billion in assets
- Harith acquisition will help to expand deals in the continent
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South African private equity firm Harith General Partners agreed to buy a 46% stake in larger rival Mergence Investment Managers.
The acquisition will help the two companies deploy their combined 59 billion rand ($3.1 billion) in assets to back infrastructure projects and other investments in Africa, Harith’s Chief Executive Officer Sipho Makhubela said in an interview. Makhubela didn’t disclose financial details of the transaction. Shandurwa Pty Ltd., a wholly women-owned firm, will also buy 5% of Mergence.