Remgro disposes of Tracker stake
Johannesburg - A group of investors - including private equity firm Actis - has bought a stake in vehicle tracking company Tracker from investment group Remgro [JSE:REM] in a R3.9bn deal, the companies said on Monday.
Remgro will dispose of its undisclosed stake in Tracker, whick makes equipment used to recover stolen cars. Existing shareholder FirstRand [JSE:FSR] will transfer its stake in Tracker from its Wesbank unit to its RMB Ventures unit, a spokesperson said.
In addition, the Mineworkers Investment Company will increase its shareholding in the business.
Private equity firms are increasingly active on the African continent, drawn by strong prospects in fast-growing economies.
Washington DC-based Carlyle said in March it was entering sub-Saharan Africa, targeting investments in consumer goods, financial services, agriculture and infrastructure.