Listed private school group Curro Holdings has confirmed that all suspensive conditions for its acquisition by billionaire Jannie Mouton’s Foundation have been met, rendering the transaction unconditional. This milestone clears the way for the deal’s completion, with Curro expected to announce a detailed implementation timeline shortly.
In a statement to shareholders, Curro said:
We are pleased to confirm that all Suspensive Conditions, as outlined in the Circular, have now been fulfilled or waived where permitted. The Proposed Transaction has accordingly become unconditional. Implementation will proceed once the Takeover Regulation Panel issues the requisite compliance certificate, anticipated on or about Monday, 22 December 2025.
Following receipt of the compliance certificate, Curro will publish a finalization announcement, detailing the remaining key dates for the transaction’s implementation.
The deal becoming unconditional marks a significant step in the process, following approval from the Competition Commission in late November. The Commission recommended approval subject to undertakings that the new entity will make a substantial positive contribution to education, including expanding access for historically disadvantaged persons (HDPs).
The transaction, valued at R7.2 billion, will see the Foundation acquire Curro and provide existing shareholders with a combination of cash consideration and shares in Capitec and PSG Financial Services. Specifically:
- Cash: R0.85837 per Scheme Share (≈6.6% of total consideration)
- Capitec Shares: 0.00284 per Scheme Share (≈79.7%)
- PSG Financial Services Shares: 0.07617 per Scheme Share (≈13.7%)
At roughly R13 per share, the offer has attracted strong interest, particularly due to the inclusion of Capitec shares, which have surged alongside PSG Financial Services by about 25% over the past six months.
Upon completion, Curro will delist from the JSE and transition into a Public Benefit Organisation (PBO) under the Foundation’s stewardship. This shift will enable Curro to reinvest its surpluses into growth initiatives, including:
- Building new schools
- Expanding existing facilities
- Offering bursaries
- Driving innovation in education
Curro, South Africa’s largest independent school network with over 70,000 students, offers a range of services from pre-school to secondary education, as well as digital learning solutions.
Jannie Mouton, one of South Africa’s wealthiest individuals and founder of PSG Group, established the Foundation in 2004 to advance education. The acquisition aligns with his vision to position Curro as a dynamic, independent education institution, leveraging resources to broaden access and improve quality.
The current management team will remain in place, ensuring continuity as Curro embarks on this new chapter as a PBO focused on long-term educational impact.
