Billionaire’s deal to buy South Africa’s biggest private school group steams ahead

The Jannie Mouton Trust has been given the nod of approval from South Africa’s competition watchdog to acquire Curro.

This brings the Trust one step closer to turning South Africa’s biggest private education group into a non-profit organisation.

On Friday, 28 November, South Africa’s Competition Commission recommended that the Competition Tribunal approve this proposed transaction.

This deal, if approved, will see the Jannie Mouton Trust acquire all of Curro’s shares and turn the company into a not-for-profit entity for around R7.2 billion.

Curro is currently the largest private school group in the country, with over 180 schools that aim to offer affordable, high-quality education to a broad cross-section of South African society.

It was founded by billionaire businessman Jannie Mouton, the man behind some of South Africa’s most successful companies, including the PSG Group and Capitec.

Mouton’s Trust is a charitable organisation that was founded by the businessman as a public benefit organisation.

In August 2025, the Trust announced its plan to acquire all of Curro’s issued shares, offering shareholders the equivalent of R13.00 in Capitec shares, PSG Financial Services shares, and cash in exchange for their Curro shares.

The proposed deal received overwhelming shareholder approval at the end of October, with 99.98% of shareholders voting in its favour at Curro’s recent general meeting.

Following this approval, the only hurdle remaining is South Africa’s competition authorities.

With the Competition Commission’s nod of approval, the Jannie Mouton Trust now only needs the green light from the Competition Tribunal to see this deal through.

In granting its recommendation that the tribunal approve the deal, the Competition Commission said the transaction is unlikely to substantially lessen or prevent competition in any market.

“The commission has recommended that the tribunal approve the proposed transaction subject to undertakings that will make a substantial positive contribution to education, including of historically disadvantaged persons,” the Competition Commission said.

The Jannie Mouton Trust previously said this transaction would be a “game-changer” for South African education, with the potential to benefit the public at large for many generations to come.

“That’s why the Trust is putting almost all of its resources into making this happen. By working with Curro, the Trust believes it can create far greater impact,” it said.

“Building and improving schools takes time, and most investors aren’t willing to wait that long. But the Trust is in it for the long haul, focused on making a real, lasting difference.”