The agreement was widely expected after African Harvest's biggest shareholder, Coronation Holdings, said in June it supported the offer.
Under the deal, last valued in July at about R366m, a consortium led by black entrepreneur Mzi Khumalo and members of management will take on the businesses of the loss-making group, most of its assets and certain liabilities.
The deal is expected to help boost the firm's access to money ear-marked by the government for black-run companies.
African Harvest said in July that if the deal had been concluded at June 30, 2002, it would have been worth R366.1m and that final conditions were expected to be met by the end of October.