Flash Note: Netcare (NTC) & Epe Capital Partners

Netcare Limited – Competition Tribunal Approves Netcares Acquisition Of Akeso

On 21 November 2016, Netcare announced the proposed acquisition of Akeso Clinics (Akeso), a group of 12 dedicated mental healthcare facilities, comprising 811 beds and located in various parts of South Africa, including Cape Town, George, Johannesburg, Pretoria, Nelspruit, Umhlanga and Pietermaritzburg.

The Transaction was subject to various regulatory approvals, including the approval of the Competition Tribunal. Following numerous constructive engagements, a joint proposal by the merging parties and the Competition Commission was made to the Tribunal that the Transaction be approved subject to certain conditions, including Netcare’s disposal of the Netcare Rand Hospital and the Netcare Bell Street Hospital.

On 16 March 2018 the Tribunal approved the merger, and the Transaction will accordingly be implemented.

Epe Capital Partners Limited – Unaudited Summarised Interim Results For The Six Months Ended 31 December 2017

Key Highlights For The Period Ended 31 December 2017
– Net asset value (“NAV”) increased to R1.9 billion and NAV per share (“NAVPS”) to R10.76
– +R400 million invested, increasing invested capital to 39% of NAV and providing exposure to 11x Portfolio Companies; which has increased to 41% and 12x since the period-end    – Committed capital to Ethos Funds of R1.3 billion with an additional R1.8 billion approved
– Value-weighted average EV/EBITDA and Debt/EBITDA valuation multiples of 6.9x and 2.0x respectively
– Strong pipeline of new Funds and investment opportunities across all Funds

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