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Patrice Motsepe Plans To Buy Barclays Stake

The businessman is reportedly set to close a deal to buy a significant stake in Barclays Africa as part of his plans to build a respected black-owned financial services company.

According to the Mail & Guardian, two sources close to Motsepe revealed that he has assigned a team of high-profile analysts who will work hand in hand with the co-chief executive of African Rainbow Capital, Johan van Zyl, to advise Motsepe on the viability of buying a stake in Barclays.

An insider on the deal revealed, “A lot of work is being done to ensure we get to a point where we will say, ‘We are ready to buy.’ There has been interest [in the Barclays deal] from day one, but it’s very complex. Johan [van Zyl] and the analysts have been engaging to understand the [Barclays] strategy.”

In March 2016, the British Group (Barclays) announced it would sell stakes in its African business.

Two months later, the South African state pension fund, Public Investment Corporation (PIC), raised its stake in Barclays Africa to 6,8% after taking up 10,3 million shares as anchor investor in the company, becoming the second-largest shareholder as a result.

The insider in the Motsepe-Barclays deal revealed that the tycoon is looking to buy a stake significant enough to make him a vital player in the financial services sector.

Last month, Motsepe and two Sanlam veterans launched a money management firm called African Rainbow Capital (ARC).

The firm plans to invest in a range of sectors, from health management to property, both in SA and on the rest of the continent.


Source: Destinyman


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