Description of Activities

Description of transaction: The Commission resolved to approve with conditions the acquisition by Achil Island Investments Pty Ltd of the issued share capital in Silverlands Vineyards Pty Ltd.

Acquiring group: The primary acquiring undertaking is Achil Island Investments (Pty) Ltd, a company registered in Namibia. It is controlled by Silverlands II Aussenkehr Limited, which, in turn, is controlled by Silverlands II Holdco S.à r.l. The ultimate joint control lies with Silverlands II SCSp (Fund II) and Silverlands II Co-Investment SCSp (Fund III). The acquiring group holds equity stakes in various agricultural enterprises across sub-Saharan Africa. In Namibia, the acquiring group is engaged in the production, packing, marketing, and sale of table grapes and medjool dates to both domestic and international markets. The farm is located in Aussenkehr in the south of Namibia.

Target undertaking: The primary target undertaking is Silverlands Vineyards Pty Ltd, which is a wholly owned subsidiary of Silverlands Namibia Holdings Limited, which is ultimately controlled by SilverStreet Management S.a.r.l. The target undertaking is engaged in the production, packing, marketing, and sale of table grapes and medjool dates on a farm located in Aussenkehr in the south of Namibia. 

Relevant market: Defined the relevant product market as the market for production of table grapes and dates in Namibia and the market for export of table grapes and dates internationally.

Merger Determination

The Commission found the proposed transaction unlikely to result in the prevention or substantial lessening of competition or result in any undertaking to acquire or strengthen a dominant position in the market. However, the proposed merger did raise public interest concerns, especially employment concerns. Thus, the Commission approved the merger with employment conditions.

However, as stated under section 50 of the Act, this approval does not relieve parties from complying with any other mandatory statutory approvals that any of the parties to this merger must comply with under Namibian laws.