Reinet in talks with Athora Holdings about £5. 7bn stake in UK pension group
Image: Independent Media archives
Reinet Investments, after days of media speculation, said Thursday that Athora Holdings had approached it about selling its stake in UK-based Pension Insurance Corporation Group (PIC) as part of a wider deal worth about £5.7 billion (R136.4bn).
The deal could push Athora, which operates in the savings and retirement services markets in countries including Germany, Belgium, and the Netherlands, into the UK, believed to be the largest retirement market in Europe. The PIC manages about £50bn in assets and has nearly 400,000 policyholders in the UK.
Reinet Investments, which is also listed on the Euronext Amsterdam and Luxembourg Stock Exchanges, said the announcement on the talks followed further press speculation concerning the possibility of a sale of PIC, in which Reinet owns an indirect 49.5 percent interest.
Reinet, which had initially alerted shareholders about the speculation on Friday and is 24.9% owned by the Anton Rupert family trust, said Thursday that it has been approached by Athora Holdings and is in advanced talks relating to the potential disposal of its interest in PIC.
'The terms of the proposal imply a consideration payable for 100 percent of the fully diluted share capital of PIC of about £5.7bn, as at the date of this announcement.' The PIC's other shareholders include the Abu Dhabi Investment Authority and US credit investor HPS I.
'There can be no certainty that any possible transaction contemplated in this announcement will proceed nor as to the terms of any such transaction,' Reinet's directors said in a statement, adding that a further announcement would be made in due course.
Video Player is loading.
Play Video
Play
Unmute
Current Time
0:00
/
Duration
-:-
Loaded :
0%
Stream Type LIVE
Seek to live, currently behind live
LIVE
Remaining Time
-
0:00
This is a modal window.
Beginning of dialog window. Escape will cancel and close the window.
Text Color White Black Red Green Blue Yellow Magenta Cyan
Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan
Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan
Transparency Transparent Semi-Transparent Opaque
Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps
Reset
restore all settings to the default values Done
Close Modal Dialog
End of dialog window.
Advertisement
Next
Stay
Close ✕
Ad loading
Reinet's share price slipped 2.32% to R583.45 on the JSE Thursday morning after the release of the announcement, but the speculation has seen the price rise by over 15% since June 25. Reinet's market capitalisation on the JSE Thursday was about R113.64bn.
In the six months to September 30, Reinet received €235 million in ordinary and special dividends from its investment in PIC. Dividends from Reinet's other big investment, in British American Tobacco (BAT), amounted to €68m.
However, in January, Reinet sold 43.31 million shares in BAT to institutional investors, raising some £1.22bn in the process and exiting its stake in the tobacco group entirely. Based on available figures, Reinet might potentially raise another £2.8bn from its sale of its stake in PIC.
Reinet said that by the end of the interim stage last year, its net asset value of €6.6bn reflected a compound growth rate of 9 percent per annum in euro terms since March 2009, including dividends paid.
Net asset value per share at 30 September 2024 was €36.25. Meanwhile, Athora generated €3.7bn of organic new business growth in the year to December 31, 21% higher than the new business growth the previous year. At year-end, it held €2.2bn in equity capital, of which €1.7bn was available to be used to pursue growth.
The Financial Times reported online that the possible Athora acquisition comes at a time when US private capital giants such as Apollo, Brookfield Asset Management, KKR, and Carlyle have either begun operating in the UK retirement market or studied acquisitions in recent years.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
IOL News
10 hours ago
- IOL News
Reinet in talks with Athora Holdings about £5. 7bn stake in UK pension group
The Anton Rupert Trust, and Reinet Investments' executive chairman Johann Rupert are the biggest shareholders of Reinet Investments, which is listed on the Johannesburg, Amsterdam and Luxembourg stock exchanges. Image: Independent Media archives Reinet Investments, after days of media speculation, said Thursday that Athora Holdings had approached it about selling its stake in UK-based Pension Insurance Corporation Group (PIC) as part of a wider deal worth about £5.7 billion (R136.4bn). The deal could push Athora, which operates in the savings and retirement services markets in countries including Germany, Belgium, and the Netherlands, into the UK, believed to be the largest retirement market in Europe. The PIC manages about £50bn in assets and has nearly 400,000 policyholders in the UK. Reinet Investments, which is also listed on the Euronext Amsterdam and Luxembourg Stock Exchanges, said the announcement on the talks followed further press speculation concerning the possibility of a sale of PIC, in which Reinet owns an indirect 49.5 percent interest. Reinet, which had initially alerted shareholders about the speculation on Friday and is 24.9% owned by the Anton Rupert family trust, said Thursday that it has been approached by Athora Holdings and is in advanced talks relating to the potential disposal of its interest in PIC. 'The terms of the proposal imply a consideration payable for 100 percent of the fully diluted share capital of PIC of about £5.7bn, as at the date of this announcement.' The PIC's other shareholders include the Abu Dhabi Investment Authority and US credit investor HPS I. 'There can be no certainty that any possible transaction contemplated in this announcement will proceed nor as to the terms of any such transaction,' Reinet's directors said in a statement, adding that a further announcement would be made in due course. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading Reinet's share price slipped 2.32% to R583.45 on the JSE Thursday morning after the release of the announcement, but the speculation has seen the price rise by over 15% since June 25. Reinet's market capitalisation on the JSE Thursday was about R113.64bn. In the six months to September 30, Reinet received €235 million in ordinary and special dividends from its investment in PIC. Dividends from Reinet's other big investment, in British American Tobacco (BAT), amounted to €68m. However, in January, Reinet sold 43.31 million shares in BAT to institutional investors, raising some £1.22bn in the process and exiting its stake in the tobacco group entirely. Based on available figures, Reinet might potentially raise another £2.8bn from its sale of its stake in PIC. Reinet said that by the end of the interim stage last year, its net asset value of €6.6bn reflected a compound growth rate of 9 percent per annum in euro terms since March 2009, including dividends paid. Net asset value per share at 30 September 2024 was €36.25. Meanwhile, Athora generated €3.7bn of organic new business growth in the year to December 31, 21% higher than the new business growth the previous year. At year-end, it held €2.2bn in equity capital, of which €1.7bn was available to be used to pursue growth. The Financial Times reported online that the possible Athora acquisition comes at a time when US private capital giants such as Apollo, Brookfield Asset Management, KKR, and Carlyle have either begun operating in the UK retirement market or studied acquisitions in recent years.
The Citizen
11 hours ago
- The Citizen
SuperSport United confirm sale to Siwelele FC
'SuperSport International would like to confirm the sale of its Premier Soccer League (PSL) club, SuperSport United, to Siwelele Football Club (Pty) Ltd,' read the official statement. SuperSport United have officially confirmed the sale of their Premier Soccer League (PSL) status to Siwelele Football Club. SuperSport United have officially confirmed the sale of their Premier Soccer League (PSL) status to Siwelele Football Club, bringing an end to months of speculation surrounding the future of Matsatsantsa a Pitori. SuperSport statement Little is known about the buyers, but United released a statement on Thursday afternoon confirming that the transaction is subject to approval by the league's Executive Committee. ALSO READ: OPINION: The imminent demise of SuperSport is turning PSL into a mockery The former three-time Premiership champions will cease to exist, in what is a sad day for South African football. The club was originally established in 1994 after M-Net purchased the status of Pretoria City FC. 'SuperSport International would like to confirm the sale of its Premier Soccer League (PSL) club, SuperSport United, to Siwelele Football Club (Pty) Ltd,' read the official statement. 'Following a closed bidding process, Siwelele F.C. was awarded the rights to purchase the three-time Premiership winners, pending approval by the PSL Executive Committee.' SuperSport CEO Rendani Ramovha said the decision to sell the club forms part of a broader strategic shift for the broadcaster. 'The sale of the club comes as SuperSport makes strategic shifts to allow us to remain the biggest broadcaster in Africa and a leading global competitor,' he said. 'Shifts in the market, as well as the need to innovate in accordance with our core business, have necessitated a focused direction to ensure SuperSport remains the continent's premier sports content provider and a leader in broadcast innovation.' 'A rich, winning tradition' Both parties have stated they will not be making further comments until a final decision is made by the PSL. However, Siwelele F.C. chairman Calvin Le John expressed excitement at the opportunity to take over the Pretoria-based outfit. 'As Siwelele F.C., we are privileged to have been given the responsibility of continuing a rich, winning tradition in the PSL,' he said. 'SuperSport and the MultiChoice Group laid an incredible 30-year foundation that we hope to build upon, should we receive final approval from the PSL Executive Committee.' ALSO READ: Familiar face gets coaching job at cup-winning PSL side SuperSport will be remembered for winning the league for three successive years from 2007. They have also collected nine domestic cup competitions in their stint in South African topflight football, making them one of the most successful clubs in the PSL era.
TimesLIVE
a day ago
- TimesLIVE
UKZN in bright idea partnership to find load-shedding solutions
The University of KwaZulu-Natal (UKZN) will become the first South African university powered mainly by renewable energy, with 10,000 solar panels across five campuses, in a pilot project that could help Eskom explore ending load-shedding nationwide. The university has signed a pioneering joint venture agreement with Hong Kong-based tech company Youtility to introduce cutting-edge, AI-driven technology to transform how electricity is managed and distributed, with payments handled through a blockchain billing platform. Eskom Distribution will participate in an observational and advisory capacity, positioning UKZN as a national test bed for 'this next-generation energy technology'. UKZN Eskom Power Engineering Programme acting director Prof Leigh Jarvis said the partnership was more than just an energy upgrade. 'It's a strategic transformation of the university's role in South Africa's energy future. Specifically, it means becoming a national leader in renewable energy: UKZN is on track to be the first predominantly renewable-powered university in South Africa, using solar energy, smart microgrids and real-time AI systems. 'One direct outcome is the creation of a UKZN spin-off company focused entirely on developing and supporting energy-related innovations. This venture will serve as a launch pad for commercialising student and staff ideas that address real-world energy challenges,' he said. Jarvis already has plans to feed advanced research into this ecosystem. He intends to incorporate an internationally patented concept involving liquid air energy storage and superconductor devices. 'Students won't just study energy, they'll help manage it, optimise systems and potentially become founders of new tech companies emerging from this initiative. UKZN becomes a living lab where energy solutions can be tested at scale, with national relevance and international export potential. In essence, this partnership makes UKZN not just a user of energy but an active architect of the future energy economy,' Jarvis said. He said the project could reshape the way electricity is generated, distributed and paid for across the country, offering real solutions to national problems such as load-shedding and grid failures. 'By decentralising energy production through microgrids, this approach reduces dependence on the national grid and minimises outages.' The project can also address electricity theft and nonpayment. 'The blockchain billing system makes tampering with meters nearly impossible and ensures people are billed fairly, discouraging illegal connections. In terms of tariff relief, when everyone pays what they should, the cost is spread fairly, and overall tariffs can remain lower. 'If successful, this model can be applied to schools, hospitals, and even rural villages — making energy access more inclusive and equitable. Why now? South Africa is in the middle of an energy crisis. This initiative is not just visionary — it's urgently practical, aligning with national goals for renewable energy, economic upliftment and digital innovation,' said Jarvis. Speaking at the launch event and signing ceremony held at UKZN's Westville campus, acting deputy vice-chancellor for research and innovation at UKZN, Prof Anil Chuturgoon, called it a 'defining moment' in addressing the country's long-standing energy challenges. 'This concept of green energy is going to transform the energy landscape in South Africa,' he said. Youtility director Wayne Mostert said: 'Wizdom is an evolving, AI-driven utility brain with enhanced capabilities which include real-time, decentralised decision-making and smart discharge of power into micro and macro grids.' Drawing parallels with past tech revolutions, Mostert likened Youtility's ambitions to the digital disruption of entertainment media. 'Where Blockbuster failed to adapt, Netflix scaled using data, agility and customer-centricity. Similarly, Youtility is poised to revolutionise the utility sector through sentient, decentralised, and user-empowered infrastructure, creating a new global standard,' he said.
