S.Africa Approves Savcio Sale To Actom
South Africa's competition regulator has approved the sale of equipment repair firm Savcio Holdings to another company backed by its private equity owner, a deal one source has said was worth up to $500 million.
Electrical equipment manufacturer Actom, which is about 35 percent-owned by private equity firm Actis, said in a statement on Monday it had won regulatory approval to acquire Savcio.
Reuters first reported in June that Actis and Ethos Private Equity were looking to sell their combined controlling stake in Savcio, citing a person familiar with the matter.
General Electric, Siemens AG and Carlyle were among the initial bidders for Savcio, the person said. Savcio provides maintenance and repairs for rotating electrical equipment and transformers in Africa.