I A Bell and Company (Pty) Limited signed a non-binding memorandum of understanding to acquire an additional 31.4% minority stake in Bell Equipment Limited (JSE:BEL) from John Deere Construction & Forestry Company for approximately ZAR 300 million on September 7, 2020. I A Bell and Company (Pty) Limited signed a formal binding agreement to an additional 31.4% minority stake in Bell Equipment Limited (JSE:BEL) from John Deere Construction & Forestry Company on November 6, 2020. I A Bell and Company (Pty) Limited will pay ZAR 10 per share as a consideration. Post transaction, I A Bell and Company (Pty) Limited will have approximately 70.1% stake in Bell Equipment Limited. As a part of transaction, I A Bell and Company (Pty) Limited plans to delist Bell Equipment. Post completion of transaction, I A Bell and Company (Pty) Limited may issue a mandatory offer to acquire remaining shares of Bell Equipment Limited on similar terms. The decision sits with the Takeover Regulation Panel. However, the remaining shareholders can reject the offer. Transaction is subject to certain conditions precedent. As of February 26, 2021, transaction has been approved by the Competition Commission. Bravura Capital Proprietary Limited acted as financial advisor to I A Bell and Company (Pty) Limited.