O&L buys majority stake in Hartlief

11 November 2019 | Business

The Olthaver and List (O&L) Group announced the acquisition of the majority stake (60%) in Hartlief earlier today, with the group’s chairperson Sven Thieme saying that the acquisition will enable Namibia to compete with the best in the world.
“In growing our economy, we have to build strong Namibian companies that can be competitive in the Southern African region, thereby accessing more than 300 million potential customers,” Thieme said, adding that the merger would not lead to any job losses.
The announcement follows approval from the Namibia Competition Commission on a bid submitted by the O&L Group to acquire the shares held by chairperson of the Hartlief Group, Christo van Niekerk.
“[The acquisition] allows for the realisation of unique synergies between these two long-standing Namibian businesses to the benefit not only of the shareholders and employees, but also of the Namibian nation as a whole,” Van Niekerk said.
The value of the merger was not announced, with parties saying they would release the figures at a later stage. - Nampa

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