Johann Rupert’s ‘stepchild’ seals R141 billion deal

Billionaire Johann Rupert’s investment vehicle, Reinet, has sealed a deal to sell its stake in the Pension Insurance Corporation (PIC) for around R141.13 billion.

Following an announcement that talks are at an advanced stage, Reinet announced on Thursday, 3 July, that it has reached an agreement with Athora Holding UK to sell its 49.5% stake in PIC.

Athora Holding UK is a subsidiary of Athora Holding, one of Europe’s fastest-growing savings and retirement services companies. It manages €76 billion (R1.57 trillion) of assets on behalf of 2.8 million policyholders.

Athora’s acquisition forms part of a broader transaction structure involving the sale of all the shares in PIC, which are held by entities controlled by the Abu Dhabi Investment Authority, CVC Capital Partners, and HPS Investment Partners, as well as employees and other shareholders.

The transaction, which is still subject to regulatory approval, is expected to close in early 2026.

Reinet explained that the agreed transaction mechanism provides for consideration payable for 100% of PIC’s fully diluted share capital, which is approximately £5.7 billion (R136.36 billion) as of the date of this announcement. 

This is expected to accrue to approximately £5.9 billion (R141.13 billion), including expected dividends.

Reinet first invested in PIC in 2012 through an initial £400 million (R9.57 billion) commitment. Through participation in subsequent primary and secondary share purchases, Reinet’s total investment in PIC currently totals around £1.1 billion (R26.32 billion). 

To date, Reinet has received £426 million (R10.19 billion) in dividends from PIC. It is currently the investment giant’s largest holding.