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Actis consortium acquires Alstom South Africa for $700m05/08/2008. Source: AltAssets. 
 Emerging markets private equity investor Actis has formed a consortium to acquire Alstom South Africa, a major electrical engineering, manufacturing, distribution and contracting business, for $700m. Actis's partners in this transaction are Old Mutual Investment Group, company management and existing Black Economic Empowerment partners Kagiso, Tiso and a private investor.
Alstom South Africa has been operating in South Africa for more than 100 years. As part of the restructuring, the company will sell its Power Service subsidiary back to Alstom France.
Garth Jarvis, director at Actis, said, 'Investing in South African infrastructure alongside a strong management team to create value underlines Actis's core philosophy of partnership and driving sustainable development in emerging markets.'
Jacob Hinson, also a director at Actis, added, 'There is a shared vision to develop increased market share for the company and the BEE component is part of that process. The BEE participation was a crucial element of the deal which further demonstrates our ongoing commitment to building black ownership in South African business.'
Actis has over 30 investment professionals dedicated to Africa in five offices in Nigeria, South Africa, Egypt, Kenya and London.
The private equity team of Old Mutual Investment Group (South Africa), a wholly-owned subsidiary of Old Mutual, comprises nine investment professionals.
Tiso is a South African investment company focusing on sectors including infrastructure, resources, industrial, financial services and property.
Kagiso is a financial and industrial group involved in developing, manufacturing and marketing a wide range of products and services across multiple sectors including industrial, resources, financial, media and ICT.
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