The second week of February 2026 has witnessed an extraordinary surge in activity within the South African M&A landscape. Due to the volume of high-stakes transactions, this edition of Transaction Tuesday with Talita features several major deals that represent strategic pivots by some of the region's most influential investment firms and billionaires to consolidate market share, resolve long-standing regulatory hurdles and exit legacy positions.
Atterbury Buys Back Shares from RMH, Subsequently Delisting the Group
Following a long-running corporate saga between RMB Holdings (RMH) and Atterbury Property Group a conclusion was reached on 9 February 2026 with a formal buyout offer from AttBid. Attbid is a consortium owned 49% by Atterbury Property Fund and 51% by Faan and Dirk van der Walt, the billionaire co-founders of WeBuyCars. This partnership dates back to 2016 when the iconic financial firm RMH pivoted from banking into property investments by acquiring a stake in Atterbury. However, years of operational friction ensued due to divergent philosophies: RMH, a listed entity, sought liquidated assets and high dividends for shareholder returns, while Atterbury, an unlisted property developer, prioritised long-term reinvestment into new projects. Tensions peaked in 2023 when a R478 million loan was settled in shares rather than cash, and further escalated in August 2025 when RMH's board representation at Atterbury was reduced. Seizing an opportunity after RMH wrote down its Atterbury stake by 36% to R498 million in late 2025, Atterbury founder, Louis van der Watt, and his partners launched the bid to reclaim his company at a significant discount of R0.47 per share, valuing the company at approximately R655 million. This deal marks the final step in RMH's multi-year monetisation strategy and will result in the firm being delisted from the JSE.
General information only. It is not legal, tax or investment advice. Speak to a qualified adviser before you act on it.
