The Competition Tribunal has given the green light for JSE-listed Transaction Capital to buy a controlling 74.9% stake in South African online car marketplace WeBuyCars. No conditions were attached.
JSE-listed Transaction Capital said on Wednesday that it is in talks to increase its stake in WeBuyCars to 74.9%, a move that will give it control over the South African online car marketplace.
The commission’s “Competition in the Digital Economy” paper says that South Africa doesn’t set up a regulatory framework, it could soon find itself trying to govern companies that have amassed huge power.
After Naspers was blocked from acquiring a controlling 60% stake in specialist car-buying service WeBuyCars earlier this year, Transaction Capital has announced it is taking a 49.9% stake in the company.
The Competition Tribunal has blocked Naspers’s plan to buy WeBuyCars. This comes after the Competition Commission moved to prevent the R1.4-billion acquisition of a 60% stake in the company.
TechCentral editor Duncan McLeod spoke to Naspers CEO Bob van Dijk about the group’s acquisition, through Naspers Foundry, of a stake in SweepSouth, the controversy over the group’s dual shareholding structure, and more.
In the podcast this week, Duncan McLeod and Regardt van der Berg discuss MTN’s decision to back down, under consumer pressure, over its plan to introduce an opt-out-only out-of-bundle service.
The Competition Commission has moved to block Naspers’s proposed R1.4-billion acquisition of a 60% stake in WeBuyCars.
A day after announcing a plan to unbundle pay-television unit MultiChoice, Naspers’s online classifieds business OLX has made a R1.4-billion investment in specialised car-buying service Webuycars.