Nedbank Group Limited (JSE:NED) agreed to acquire Eqstra Investment Holdings Proprietary Limited from enX Group Limited (JSE:ENX) ZAR 1 billion on December 8, 2023. The value of the transaction is approximately 0.6% and 2.5% on an equity value and enterprise value respectively of Nedbank Group?s total market capitalisation based on Eqstra?s financial information for the year ended August 31, 2023. The total consideration that Nedbank will pay, which includes the Subscription Amount and the repayment of shareholder loans to enX Group Limited, amounts to approximately ZAR 1045 million which is in the region of 1.0% of Nedbank's market capitalisation. The transaction is subject to regulatory approval and the Competition Tribunal. As of April 19, 2024, the Competition Tribunal (?Tribunal?) has unconditionally approved the proposed merger wherein Nedbank Group Ltd (?Nedbank?) intends to acquire Eqstra Investment Holdings (Pty) Ltd (?Eqstra?).

Through the transaction, in which Nedbank Corporate Finance acted as financial advisor to Nedbank Group Limited (JSE:NED) , Nedbank will be able to enhance and complement its existing fleet management business (NedFleet) and provide an integrated approach to fleet management that is aimed at improving quality, cost and efficiency for both Nedbank and Eqstra clients.