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South African billionaire Jannie Mouton’s trust has put forward a $400 million offer to acquire Curro Holdings, paving the way for the country’s largest private school network to delist from the Johannesburg Stock Exchange and transition into a nonprofit organization.
Mouton, the founder of Capitec Bank and PSG Group, is making the offer through the Jannie Mouton Stigting, a Public Benefit Organization (PBO) he set up in 2004. Under the proposal, shareholders would receive R13 ($0.73) per share—paid in a mix of cash, Capitec shares, and PSG Financial Services shares—through a scheme arrangement.
Curro’s shift to a nonprofit model
The offer values Curro at about R7.34 billion ($388 million). It represents a 60 percent premium to the company’s August 25 closing price of R8.13 ($0.458) and a 53 percent premium to its 30-day average price. If approved, the deal will take Curro private and restructure it as a nonprofit company and PBO. Any surplus funds will be reinvested into building new schools, expanding existing facilities, and providing additional support for learners.
Curro, which currently educates more than 71,000 students—around 85 percent of them black South Africans—will keep its current management team and board. The Trust has said the nonprofit model will allow the group to open more campuses, pursue acquisitions, and upgrade facilities more effectively.
Approvals key to the deal
The proposal is subject to a number of approvals, including sign-off from Curro shareholders by October 31, 2025. It also requires regulatory clearances from the South African Reserve Bank, the Competition Authority, and SARS, as well as any necessary High Court sanction.
The transaction represents roughly 1.3 percent of Capitec’s issued share capital and about 3.2 percent of PSG Financial Services’. Beyond its financial structure, the deal reflects Mouton’s broader focus on education and poverty alleviation in South Africa.
A new chapter for Curro
Founded in 1998 in Durbanville, Curro Holdings has grown into one of South Africa’s most prominent private school operators, serving children from preschool through high school and holding an interest in tertiary education via Stadio Holdings.
By offering shareholders a premium-backed exit while reshaping Curro into a nonprofit, the Jannie Mouton Stigting is positioning the group for long-term impact. With Mouton’s backing and the Trust’s reinvestment pledge, Curro’s next chapter could see expanded access to quality education for South African families, ensuring the network continues to grow while serving the broader social good.
