The Competition Tribunal has given the green light for JSE-listed Transaction Capital to buy a controlling 74.9% stake in South African online car marketplace WeBuyCars. No conditions were attached.
The deal comes after Transaction Capital Motor Holdco, a subsidiary of Transaction Capital, last year acquired a 49.9% non-controlling stake in the business. That deal came soon after the competition authorities blocked Naspers from buying a 60% controlling stake WeBuyCars, warning the combination would harm competition.
WeBuyCars buys and sell second-hand vehicles. It also acts as an agent in providing insurance products, service and maintenance plans, car-tracking services, and vehicle finance.
“The tribunal has concluded that the transaction is unlikely to substantially prevent or lessen competition in any market in South Africa. Furthermore, the merger does not raise any public interest concerns. The tribunal has, therefore, approved the merger without conditions,” the regulator said in a statement on Monday. – © 2021 NewsCentral Media
