Namibia and Botswana have approved the N$7.2 billion acquisition of Curro Holdings Limited by the trustees of the Jannie Mouton Stigting Trust.
The transaction involves the Trust purchasing all issued shares in Curro at R13 per share, a 60% premium on the company’s closing share price of R8.13 on 25 August 2025.
The Namibian Competition Commission (NACC) found that the deal is unlikely to substantially lessen competition or strengthen a dominant market position. Curro operates three schools in Namibia — Oshana Gymnasium, Walvis Bay Gymnasium and Windhoek Gymnasium — as well as one school in Botswana.
The Trust is currently not active in Namibia, focusing instead on bursaries, grants and community development in South Africa.
“This approval confirms that the proposed acquisition will not negatively impact competition or public interest in Namibia,” the NACC stated.
In Botswana, the Competition and Consumer Authority (CCA) approved the transaction on the grounds that it constitutes an internal shareholder restructuring, with the Trust increasing its stake while other shareholders exit. The CCA said Curro Botswana will continue operating as normal and will convert to a non-profit entity after the transaction.
“The structure of the market will not change upon implementation, and the merger is not expected to affect employment or service provision in Botswana,” said Gideon G. Nkala, Chief Executive Officer of the CCA.
Curro Holdings Limited said the only outstanding condition is approval from the South African competition authorities. Engagements with the Competition Commission and the Department of Trade, Industry and Competition are still in progress, and a revised timetable will be communicated once approvals are finalised.
“The Independent Board has ensured all information provided is accurate, and we continue to work closely with South African authorities to meet the remaining conditions for the transaction,” said PSG Capital, the transaction adviser.
