Jannie Mouton’s Curro takeover turns unconditional

Curro Holdings said the takeover of the school operator by the Jannie Mouton Stigting has become unconditional, clearing the way for the company to be delisted from the Johannesburg Stock Exchange in January.

Curro told shareholders that all suspensive conditions linked to the scheme of arrangement have been fulfilled or waived. The company said implementation will follow in early January, with the delisting expected on or about Jan. 13, 2026.

Shareholders approved the proposal at a general meeting on Oct. 31, 2025. Curro has since moved through regulatory steps required to complete the transaction.

Under the firm offer announced in August, shareholders are set to receive consideration that equated to 13 rand per Curro share at the time. The package includes 0.85837 rand in cash, plus shares in Capitec and PSG Financial Services. The stock component is set at 0.00284 Capitec shares and 0.07617 PSG Financial Services shares for each Curro share.

Curro said key regulatory milestones have been completed. The company said the Takeover Regulation Panel issued a compliance certificate on Monday. The Competition Tribunal has also approved the merger, subject to public interest undertakings, Curro said.

The company published an implementation timetable that includes a suspension of trading in Curro shares from the start of trade on Jan. 7. The scheme is set to be implemented on Jan. 12, with settlement and payments to shareholders expected the same day, Curro said.

The buyer is the Jannie Mouton Stigting, a public benefit organisation associated with billionaire investor Johannes Fredericus Mouton. Curro has described the foundation’s stated objectives as including bursaries and study grants, community development and poverty alleviation, alongside a broader education focused mission.

Mouton is best known in South African finance as a founder of Capitec and the PSG group of financial businesses. Curro’s documents say the foundation was established in 2004 and has received donations of accumulated wealth over time.

Curro operates a network of schools and education facilities across South Africa. The company has said the move to private ownership is intended to give the group flexibility to pursue its strategy without the constraints of a public listing, while the foundation has positioned the investment as aligned with its education goals.