South African billionaire snaps up private education provider for R7.2 billion

The Jannie Mouton Foundation has offered to acquire all of Curro Holdings’ issued shares for around R7.2 billion. 

If approved, this sale will see Curro delist from the JSE after over a decade of being listed on the exchange. The company is currently listed with a market cap of around R6.92 billion.

On Wednesday, 27 August, Curro announced that its founder’s foundation plans to buy the company. The Jannie Mouton Foundation is a charitable organisation that was founded by Jannie Mouton as a public benefit organisation.

Mouton is a renowned businessman who founded many of South Africa’s most well-known companies, including Capitec, PSG Group, PSG Financial Services, and Curro. 

In a statement, the company said the foundation endeavours to make a meaningful contribution towards improving South Africa for all its people, ensuring that it remains the preferred place to live and raise children for generations to come. 

“Education has always been close to Jannie’s heart; he sees it as a powerful way to uplift communities in South Africa and help South Africans reach their full potential,” it said. 

“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.”

This impact could take the form of expanding bursary opportunities and developing educational infrastructure in areas often overlooked by profit-driven institutions. 

“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,” it said.

Curro shareholders will receive a consideration of an equivalent of R13.00, comprising Capitec shares, PSG Financial Services shares, and cash in exchange for their Curro shares.

This represents a substantial premium of 60% to Curro’s closing price as of Monday, 25 August 2025.

Following this announcement, Curro’s share price is up over 50% on Wednesday, 27 August, at around 9:45.

A new era for Curro

“For the Jannie Mouton Foundation, acquiring Curro represents a game-changing R7.2 billion donation in quality education – quite possibly the largest philanthropic contribution South Africa has ever seen,” Jan Mouton said. 

“Over time, this will open the door for thousands more children to attend Curro schools through bursaries, broadening access to excellent education.”

“At the same time, Curro shareholders stand to benefit from a 60% premium on the current market price, ensuring that both education and investors gain from this bold initiative.”

He referred to this sale as a landmark transaction for all parties involved, with the potential to deliver significant benefits for South Africa as a whole.

“When I started Curro, my goal was to create broad access for learners to high-quality education and teaching,” Curro founder Chris van der Merwe said. 

“Thanks to the Jannie Mouton Foundation, this dream is entering into an exciting phase. Now, thousands of talented children who might never have had the chance to go to excellent schools will get the opportunity to reach their full potential.” 

“I have always been incredibly grateful for Jannie Mouton’s willingness to invest in the education sector for the greater good of South Africa.”

Curro CEO Cobus Loubser said the independent board will evaluate the offer further, but added that the Jannie Mouton Foundation is not a competitor of Curro and has offered a substantial premium to the market price.

Latest results

The news of this sale came on the same day as the release of Curro’s latest results for the six months ended 30 June 2025.

These results showed a mixed performance for the group, with just under 5% revenue growth to R2.71 billion but a significant decline in earnings and profit.

The company’s basic earnings per share fell by 36% to 25.7 cents, while its profit for the period dropped by 31% to R153 million.

This is despite Curro’s school fee revenue having increased by 4.1%, and reflects the impact of a 1.4% reduction in learner numbers.

The company’s operating costs also increased by 5.4%, with employee costs constituting about two-thirds of the group’s total operating costs. Total employee costs increased by 3.5% and other expenses increased by 8.8%.

Positively, Curro generated 10.3% more cash from its operating activities compared to the first half of its 2024 financial year.

This is attributable to higher inflows from changes in working capital, specifically trade and other payables and contract liabilities, and lower interest payments.

Curro’s total debt, net of cash and investments in money market funds, reduced from R3.15 billion on 31 December 2024 to R3 billion on 30 June 2025.

The company invested R264 million in its business during this period, with plans to invest R630 million in capital projects during its full 2025 financial year.

These investments will be aimed at maintaining, replacing, and expanding the group’s current facilities to accommodate the strong demand for high school tuition.