Mantengu plans $120 million Averi asset acquisition in African energy push

Mantengu Mining Ltd, the Johannesburg-listed investment holding company, is advancing plans to acquire the assets of Mauritian energy and infrastructure investment group Averi Finance in a proposed transaction valued at roughly $120 million, in a move to transform the JSE-listed company into a broader African energy infrastructure and investment platform.

The proposed deal, announced on May 20, would see Mantengu issue 650 million new ordinary shares to Averi in exchange for Averi’s portfolio of energy, power transmission, renewables, oil and gas, and digital infrastructure assets across South Africa, Angola and the Democratic Republic of the Congo.

Mantengu eyes diversification beyond mining

South African-listed Mantengu, formerly known as Mantengu Mining, said the transaction aligns with its strategy to expand beyond mining into energy infrastructure and related investment sectors across Africa.

Under the proposed structure, Mantengu has provisionally valued Averi at $120 million, while Averi has provisionally valued Mantengu at $60 million. Existing Mantengu shareholders, who currently own roughly 325 million shares, would see their ownership diluted to about 33.3% of the enlarged group following completion of the transaction.

The company said discussions with Averi are at an advanced stage, although final transaction metrics remain subject to ongoing due diligence.

Averi describes itself as an asset-backed African energy and infrastructure investment group regulated by the Financial Services Commission of Mauritius. Its portfolio spans licensed and contracted assets in power transmission, energy trading, renewables, oil and gas, and digital infrastructure.

The transaction could also increase Mantengu’s exposure to sectors linked to Africa broadband expansion and cross-border energy infrastructure development, areas attracting growing investor interest across the continent.

Reverse takeover classification triggers shareholder approval

Mantengu said the proposed acquisition will be classified as both a Category 1 transaction and a Reverse Takeover under the Johannesburg Stock Exchange Listings Requirements.

The classification means the company will be required to prepare a shareholder circular and convene a general meeting for investors to vote on the transaction. 

The deal could also trigger a change of control under South Africa’s Companies Regulations, 2011. Mantengu added that a waiver of a mandatory offer is likely to form part of the transaction conditions. The company’s board said the acquisition would create a more diversified African asset base while strengthening the group’s capital-raising capabilities for future acquisitions.

Why this matters

The proposed deal highlights growing consolidation between mining, energy infrastructure, and digital infrastructure investment platforms in Africa as companies seek diversified revenue streams and improved access to capital.

If completed, the transaction would significantly reshape Mantengu’s business model by accelerating its transition from a mining-focused company into a broader African infrastructure investor with exposure to power transmission, renewables, oil and gas, and digital assets.

The acquisition also reflects increasing investor appetite for infrastructure-linked assets tied to Africa’s energy transition, regional power demand, and broadband connectivity expansion.

For the Johannesburg Stock Exchange, the deal represents another sizable cross-border infrastructure transaction involving assets spanning multiple African markets.

Outlook and next steps

Mantengu said shareholders should continue exercising caution when trading the company’s securities until further announcements are made.

The company expects to provide updates as due diligence progresses and key transaction milestones are reached. Completion remains subject to regulatory approvals, shareholder approval, and final transaction agreements.

The announcement was issued with AcaciaCap Advisors Proprietary Limited acting as designated advisor.