1
COMPETITION TRIBUNAL OF SOUTH AFRICA
Case no: LM184Jan21
IVY 2 Investments VCC (Primary Acquiring Firm)
and
New Holdco, a new company formed for the purposes of this transaction (Primary
Target Firm)
Heard on: 24 February 2021
Order Issued on: 24 February 2021
REASONS FOR DECISION
[1] On 24 February 2021, the Competition Tribunal unconditionally approved a large
merger between IVY 2 Investments VCC (“IVY” or “the Acquiring Group”) and New
Holdco, a newly formed company for the purposes of this transaction (“NewCo” or “the
Target Group”).
[2] The transaction involves the Acquiring Group’s acquisition of the convertible
preference shares in NewCo, such that the Acquiring Group will have sole control over
NewCo post-merger.
[3] IVY is not active in South Africa, however, the Acquiring Group has a global portfolio
in financial services; telecommunications, media and technology; transportation and
industrials; consumer and real estate; life sciences and agribusiness, as well as energy
and resources.
[4] NewCo operates as a holding company and does not conduct any business activities.
However, NewCo’s controlling entity, PIL Holdings Pte. Ltd 1 (‘’PIL Holdings”) is
engaged in ship-owning and operating activities, shipping agency services and
container sales.
[5] There are no horizontal or vertical overlaps in the activities of the merger parties. The
Competition Commission, however, noted that PIL SA is currently a respondent in an
on-going cartel investigation in the shipping and container market. It concluded that
the merger was unlikely to change the existing market structure nor strengthen existing
coordination in the shipping and container market, where the alleged collusive conduct
is taking place.
1 Incorporated according to the laws of Singapore.
2
[6] The proposed merger raises no public interest concerns.
[7] No third party raised any concern.
[8] We concluded that the proposed transaction is unlikely to substantially prevent or
lessen competition in any relevant market, or to have a negative impact on the public
interest.
08 March 2021
Mr Enver Daniels Date
Ms Mondo Mazwai and Mr Halton Cheadle concurring
Tribunal Case Manager: C Mathonsi
For the Merging Parties: P Gounden and S Meyer
For the Commission: G Mutizwa, Z Hadebe and N Msiza