African Rainbow Capital gets go-ahead for ooba deal, with conditions
THE Competition Tribunal approved on Friday African Rainbow Capital’s (ARC’s) deal to buy 30% of shares in ooba — a mortgage originator controlled by SA’s biggest estate agencies — subject to conditions preventing the exchange of sensitive competitive information between key figures and groups in the merger.The deal had passed after months of delays following the Competition Commission’s decision in May to approve the transaction, with conditions that there should be no overlap between board members of three companies involved in the merger — ARC, insurer Sanlam, and unlisted short-term and life insurance group, Hollard.Besides easing access to mortgage loans for prospective homeowners, ooba — whose directors include high-ranking executives at realtors Lew Geffen Sotheby’s, Pam Golding Properties, Jawitz, and Seeff — provides insurance products through subsidiary ooba Investment Holdings, in which it owns 75%. Hollard holds the rest of the shares in the subsidiary.The tribunal said ...
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