South Africa’s richest man eyes R136 billion deal

Billionaire Johann Rupert’s investment vehicle, Reinet, is weighing a deal that would see it sell its biggest holding for £5.7 billion (R136.37 billion).

The investment giant first confirmed rumours of this deal in a market announcement on Friday, 27 June 2025.

In this announcement, Reinet said it has been approached and is in talks about the potential disposal of its 49.5% interest in the Pension Insurance Corporation (PIC). The company did not specify the other party’s name or the consideration payable.

However, in an announcement on Thursday, 3 July, Reinet confirmed that Athora, one of Europe’s fastest-growing savings and retirement services companies, approached it.

Reinet also said talks are now at an advanced stage, adding that the terms of the proposal imply a consideration payable of approximately £5.7 billion (R136.37 billion).

This deal would see Athora, which was established by US-based investment giant Apollo Global Management, acquire Reinet’s 49.5% interest in PIC.

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.

Reinet’s latest results for the year ended 31 March 2025 showed its 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).

In its latest announcement, Reinet reiterated that there is no certainty this deal will proceed or what the exact terms are.

“A further announcement will be made in due course if and when appropriate,” the company said.