Tsogo Sun Holdings Limited (JSE:TSH) made an offer to acquire remaining stake in Niveus Invest 19 Limited from Niveus Investments Limited (JSE:NIV) and other minority shareholders for ZAR 2.3 billion on March 14, 2017. Under the terms of transaction, Tsogo Sun Holdings Limited will acquire approximately 234 million shares of Niveus Invest 19 Limited shares, in exchange for Tsogo ordinary shares at a ratio of 1 Tsogo ordinary share for every 2.875 Gameco shares disposed of by minority shareholders or, at their election, 20% in Tsogo Consideration Shares (in the ratio of 1 Tsogo Consideration Share for every 2.875 Gameco Shares) and 80% of R9.739 per Gameco Share in cash. In related transaction, Tsogo Sun Holdings Limited agreed in principal to acquire 50.8% stake of Niveus Invest 19 Limited from Hosken Consolidated Investments Limited (JSE:HCI) for ZAR 2.3 billion.

The transaction is subject to the condition precedent, including, approval of transaction by Niveus and Hosken Consolidated Investments' shareholders; obtaining regulatory and statutory approvals; subject to completion of due diligence investigation of Niveus Invest 19 Limited; and subject to the HCI transaction being implemented. As of June 26, 2017, Tsogo Sun Holdings has completed a due diligence investigation in respect of Niveus Invest 19 Limited. As of September 14, 2017, the transaction was approved by the shareholder of Niveus Investments Limited. As of October 30, all conditions precedent to the proposed transaction have been fulfilled and/or waived. The transaction is expected to be implemented on the first Friday after the Tsogo Minority Offer has been submitted to the minority shareholders of being submitted to Niveus Invest 19 Limited. As of November 13, 2014, the offer became unconditional.

Investec Limited (JSE:INL) acted as a financial advisor with advisors fee of ZAR 3 million, Taback and Associates (PTY) Ltd acted as legal advisor with advisors fee of ZAR 2.8 million, PricewaterhouseCoopers Tax Services Proprietary Limited acted as accountant with a fees of ZAR 0.25 million whereas BDO Corporate Finance Proprietary Limited acted as fairness opinion provider with a fees of ZAR 0.25 million to Tsogo Sun Holdings Limited. Edward Nathan Sonnenbergs Inc. acted as legal advisor to Niveus Investments Limited.

Tsogo Sun Holdings Limited (JSE:TSH) completed the acquisition of the remaining stake in Niveus Invest 19 Limited from Niveus Investments Limited (JSE:NIV) and other minority shareholders on June 15, 2018.