Van der Walt Brothers lead $41.1M RMH Property Acquisition

South African billionaire brothers Faan and Dirk Van Der Walt, best known as the co-founders and co-CEOs of WeBuyCars, are at the centre of a major $41.1 million property transaction following a move by AttBid, a company in which they hold majority control, to acquire JSE-listed RMH.

Through their combined 51 percent stake in AttBid, the Van der Walt brothers are spearheading the proposed acquisition, marking another significant diversification of their growing investment portfolio beyond the automotive sector.

RMH confirmed on February 9, 2026, that it had entered into an implementation agreement with AttBid for the acquisition of all its issued ordinary shares, excluding those already held by Atterbury Property Fund. Under the deal, AttBid has offered RMH shareholders a cash consideration.

The transaction values RMH at approximately $41.1 million, closely aligned with its market capitalisation of about $40.2 million, indicating that the offer carries only a modest premium.

The Van der Walt brothers’ strategic stake in AttBid

AttBid is jointly owned by the Van der Walt brothers and Atterbury Property Fund. The brothers’ combined 51 percent shareholding is split equally through their respective investment vehicles, while Atterbury holds the remaining 49 percent.

Following completion of the transaction, AttBid will hold 71.65 percent of RMH, with Atterbury retaining a direct 28.35 percent interest. This structure will ultimately leave the Van der Walt brothers with an effective interest of approximately 36.54 percent in RMH.

The RMH acquisition comes shortly after the Van der Walt brothers sold $41.1 million worth of WeBuyCars shares on February 2, 2026, triggering speculation that the sale was intended to finance the RMH deal.

However, WeBuyCars dismissed any connection between the two transactions. Faan van der Walt said the brothers’ investment in Atterbury-related assets predated the recent share disposal, stressing that both developments were independent of each other.

“The timing of the sale of shares and this announcement are unrelated,” he said, adding that the RMH opportunity had been committed to long before the WeBuyCars transaction.

RMH’s decision to sell follows a multi-year strategy shift from being a strategic shareholder to becoming an investment holding company focused on monetising its property-related assets.

The process began in 2019 with the decision to unbundle RMH’s stake in FirstRand, completed in 2020. Since then, RMH has explored several options to unlock value from its property portfolio, particularly its 38.5 percent stake in Atterbury Property Holdings.

With no compelling third-party offers emerging, RMH concluded that AttBid represented the most natural buyer, offering shareholders immediate value while avoiding future operational and capital risks.