The Competition Commission has recommended to the Competition Tribunal that it approve the proposed transaction whereby Bidco intends to acquire property group Balwin Properties, without conditions.
The primary acquiring firm, Bidco, is controlled by the Government Employees Pension Fund (GEPF) and is represented by the Public Investment Corporation (PIC) and Volker Holdings.
The PIC is appointed as the GEPF’s asset manager and, on behalf of the GEPF, invests in various classes of assets including equities, property and fixed income, which the PIC has been appointed to manage.
Volker is a holding company incorporated for the sole purpose of holding Balwin shares.
Balwin in May announced that a consortium comprising the property company's founder investors and the PIC, had made an offer to acquire all shares in the specialist large-scale residential property developer at R4.35 a share, valuing Balwin at about R2.26-billion.
