With so many chocolates in the advent calendar already accounted for, I'm amazed that SENS is still this busy. Thankfully, for as long as there are stories worth knowing about on the local market, you'll find them right here in Ghost Mail.
Prosus is without doubt the story of the day, announcing the acquisition of Latin American travel platform Despegar for $1.7 billion. Fabricio Bloisi knows all about building in that region, so I think this could turn out to be a very interesting deal. Even the valuation looks reasonable for a platform business, something that I didn't used to be able to say about deals at Prosus.
Other M&A news came from Thungela, with the coal group investing further in Australia by buying out the 15% shareholder in Ensham. This takes the effective stake to 77.475% and it gives them confidence to work harder on synergies.
But it was Cilo Cybin that really raised eyebrows, with the company valued at R845 million for the acquisition by the listed SPAC that was set up to make this acquisition. It works out to a price/book of 650x. Yes, 650x!
As for the coal under the Christmas tree this year (of the non-Thungela variety), there are a few to choose from. Accelerate Property Fund is still struggling. Bell Equipment has released a further trading statement that shows a nasty drop in profits. AECI is looking for a new CFO and on short notice. But perhaps worst of all, Gemfields has had to suspend emerald operations in response to oversupply in the market, leading to knock-on decisions in other parts of the group as well.
Get all the details on these stories and the various Nibbles (including the all-important director dealings) in Ghost Bites here>>>
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Have a lovely day - and a very merry Christmas to all those who celebrate!
