9/13/23, 9:32 AM Merger Alert: FirstRand Bank Limited And Kulula Air (Pty) Ltd
https://www.comptrib.co.za/open-file?FileId=52871 1/2
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Merger Alert
Date of release: 7 December 2021
OUTCOME OF MERGER DECIDED BY THE TRIBUNAL
FirstRand Bank Limited And Kulula Air (Pty) Ltd
The Tribunal has unconditionally approved the large merger whereby FirstRand
Bank Limited ("FRB") intends to acquire control over the airport lounges (the
“Slow Lounge”) business of Kulula Air (Pty) Ltd (“Kulula Air”), a wholly owned
subsidiary of Comair Limited (“Comair”).
The FirstRand Group is a financial services provider in South Africa licensed by
the South African Reserve Bank. The FirstRand Group offers a universal set of
transactional, lending, investment and insurance products and services.
Kulula Air owns and operates the “SLOW” and “SLOW XS” branded airport
lounges at OR Tambo International Airport, King Shaka International Airport,
Cape Town International Airport and Lanseria International Airport. The Slow
Lounges are airport lounges fitted, furnished and operated by Kulula Air with
space rented from Airports Company South Africa (“ACSA”).
Type of
matter Parties involved Tribunal decision
Large merger FirstRand Bank Limited And Kulula Air (Pty)
Ltd
Approved without
conditons
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9/13/23, 9:32 AM Merger Alert: FirstRand Bank Limited And Kulula Air (Pty) Ltd
https://www.comptrib.co.za/open-file?FileId=52871 2/2
Issued by:
Gillian de Gouveia, Communications Officer
On behalf of the Competition Tribunal of South Africa
Cell: +27 (0) 82 410 1195
E-Mail: GillianD@comptrib.co.za
Twitter: @comptrib
Our mailing address is:
ctsa@comptrib.co.za
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