Norton Rose Fulbright advises on sale

Global law firm Norton Rose Fulbright has provided legal counsel to funds managed by African Infrastructure Investment Managers (AIIM) and Mokobela-Shataki Proprietary Ltd. in the complete sale of The Logistics Group Acquisition Holdings (RF) Proprietary Ltd. to International Container Terminal Services, Inc. (ICTSI). This landmark transaction sees AIIM, through its entities AIIF4 General Partner Proprietary Ltd. and IDEAS Infrastructure II GP Proprietary Ltd., retaining a 74 per cent stake in the logistics firm, while Mokobela-Shataki holds the remaining 26 per cent.

The Logistics Group, noted for its integrated port and cargo handling services, operates extensively across Southern Africa, with significant activities in Cape Town, Port Elizabeth, and Durban, as well as in Mozambique and Namibia. The sale will enable ICTSI, the world's largest independent terminal operator and listed on the Philippine Stock Exchange, to broaden its presence across the African continent by integrating TLG's operations into its established network, which currently spans South Africa, Nigeria, Cameroon, the Democratic Republic of Congo, and Madagascar.

The successful completion of the transaction is contingent on customary conditions, which include securing the necessary regulatory approvals. The Norton Rose Fulbright team that facilitated this agreement was led by London partner Bayo Odubeko, with support from senior associate Matthew Eccles and associates Ashleigh Lister and Charlotte Connell, alongside tax partner Michael Alliston and senior associate Elisabeth Trotter.

Bayo Odubeko expressed satisfaction with the deal, stating "We are pleased to have advised AIIM and Mokobela-Shataki on this significant exit. The deal highlights the continued attractiveness of African infrastructure assets to strategic investors and demonstrates the long-term prospects of port logistics assets in fast growing economies." The transaction marks a pivotal achievement reflective of the growth experienced under AIIM and Mokobela-Shataki’s stewardship of TLG