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Barloworld Group, the South African industrial conglomerate led by Dominic Sewela, said it has completed the final step in its acquisition by Newco, clearing the way for its delisting from the Johannesburg Stock Exchange.
Shareholders back offer at over 97 percent
Barloworld and Newco announced that the Standby Offer closed at noon on Nov. 7, 2025, with shareholders holding about 139.5 million ordinary shares — roughly 97.6 percent of those eligible — accepting the bid. Combined with shares already held by Newco and the excluded shareholders, the consortium will control about 96.5 percent of Barloworld’s total issued stock.
Having surpassed the 90 percent threshold required under South Africa’s Companies Act, Newco said it will move forward with a compulsory buyout of the remaining shares at R120 ($7.00) per share—a process known as a “squeeze-out.”
“A new chapter” for Barloworld
“We’re pleased with the strong support shown by shareholders,” said Sydney Mhlarhi, spokesperson for Newco. “This outcome allows us to take Barloworld private and continue investing in its industrial operations while maintaining its identity as a South African industrial champion.”
Once the squeeze-out is completed, Newco together with the excluded shareholders, will own all outstanding shares. The company said it will apply to terminate Barloworld’s listing on both the JSE and A2X, after which trading in the stock will be suspended.
A legacy in South African industry
Founded in 1902, Barloworld is a regional distributor for Caterpillar machinery and equipment. The company’s delisting will close a significant chapter in its history, though management has said it remains committed to supporting employees and empowerment programs.
In the first half of fiscal 2025, Barloworld reported a 5.8 percent decline in revenue to R18.1 billion ($1.04 billion), with weaker results in its vehicle and transport segment, down 37 percent, and a 6 percent dip in its equipment division in Southern Africa.
Regulatory approval across markets
The takeover process began in late 2024 when Newco, a consortium including Saudi Arabia’s Zahid Group, Katlego Le Masego Trust, and 100 percent Black-owned Entsha, declared its intent to acquire Barloworld.
In August, South Africa’s Competition Tribunal cleared the $1.3-billion buyout, and Namibia’s Competition Commission later granted unconditional approval, fulfilling the final regulatory requirement. A formal announcement on the delisting process will follow in due course.
