Johann Rupert’s ‘stepchild’ has another big sale in the works

Billionaire businessman Johann Rupert’s investment vehicle, Reinet, is in talks to potentially dispose of its largest holding, a significant stake in the Pension Insurance Corporation (PIC).

The company confirmed in a SENS announcement on Friday, 27 June 2025, after market close, that it has been approached and is in talks about the potential disposal of its 49.5% interest in PIC.

Reinet confirmed its potential sale of its PIC stake following press speculation. Sky News reported that European savings and retirement services group Athora is planning a multibillion-pound takeover of PIC.

Sky News reported that Athora, which was established by US-based investment giant Apollo Global Management, is in talks to acquire control of PIC.

Established in 2018, Athora is one of Europe’s fastest-growing savings and retirement services companies.

In its announcement, Reinet did not name Athora but merely confirmed that it has been approached and is in talks regarding the potential disposal of its interest in PIC.

“There can be no certainty that any possible transaction contemplated in this announcement will proceed, nor as to the terms of any such transaction,” the company said. “A further announcement will be made in due course if and when appropriate.” 

In the company’s latest results for the year ended 31 March 2025, Reinet’s 49.5% stake in PIC was its most valuable holding, comprising 53.7% of its net asset value. The stake is worth around €3.72 billion (R77.62 billion).

Should this deal go through, it would mark the second significant change to Reinet’s otherwise relatively stable portfolio this year.

Reinet was established in 2008 when the Ruperts’ Swiss luxury goods giant Richemont spun off its non-luxury-related activities into a third company, Reinet Investments.

Reinet was established as an investment vehicle, the principal asset of which was the former Richemont’s interest in British American Tobacco (BAT).

The end of an era(s)

BAT continued to be one of Reinet’s largest holdings for years, until end-2024, when the investment giant unexpectedly sold a significant part of its stake in the company.

On 30 September 2024, Reinet owned 48.3 million BAT ordinary shares, comprising 24% of the net asset value of the company.

During November and December 2024, Reinet sold 5 million BAT ordinary shares through a dribble-out process for £148.5 million.

By mid-2025, Reinet had sold its entire stake in the tobacco giant, marking the end of the companies’ long history together.

This transaction raised an estimated £1.37 billion (R31.6 billion) for Reinet at the time, which the company said would be used for future investment opportunities.

While Reinet has not held its stake in PIC for as long as BAT, the two companies have been linked for over a decade.

Reinet first acquired a stake in PIC in 2012 and is the corporation’s largest shareholder.

UK-based PIC is a specialist insurance company focused on insuring the pensions of defined benefit pension scheme members.

The company works with trustees and their advisors on pension risk transactions through which all risks within or part of the scheme are passed to PIC. 

Reinet’s stake in this company has proven to be a boon for the investment giant.

In its results for the 2025 financial year, Reinet’s ordinary and special dividends from PIC amounted to €235 million (around R4.90 billion).

For context, Reinet’s second-largest holding at the time, BAT, paid it dividends during the year that amounted to €98 million (around R2.05 billion)

This big PIC payout was largely responsible for Reinet reporting a R15.56 billion profit for the year.