Celebrated businessperson Jannie Mouton’s proposed buyout and conversion of education group Curro into a public benefit organisation (PBO) has entered a critical phase after the Competition Commission approved the deal, with conditions that Mouton is still considering.
On Friday the commission said it believes the proposed transaction is “unlikely to substantially lessen or prevent competition in any market”, though it wants a firm commitment that the deal will be transformative.
“The commission has recommended that the Competition Tribunal approve the proposed transaction subject to undertakings that will make a substantial positive contribution to education, including of historically disadvantaged persons,” it said.
In August, Mouton, founder of Capitec, PSG Group, and PSG Financial Services, offered R13 a share for Curro through his Jannie Mouton Stigting, valuing the deal at R7.2bn.
Earlier this month Curro shareholders overwhelmingly approved the deal with 99.98% of votes in support of the takeover.
The group, South Africa’s largest private school network operator, on Friday said Mouton is still considering the conditions imposed by the commission.
“Curro hereby advises that the South African Competition Commission has approved and recommended the transaction to the Competition Tribunal, on condition that certain undertakings are provided by the parties (aspects of which are under consideration by and subject to acceptance of the offeror [Mouton] prior to approval of the tribunal),” the group said.
“Curro will provide a further update to shareholders during the course of next week regarding the final undertakings (which are still subject to acceptance by the offeror) and the timing of the tribunal’s approval process.”
The mooted deal, touted as “game-changing” for South Africa’s education sector, has already received unconditional approval from competition authorities in Namibia and Botswana.
Curro will provide a further update to shareholders during the course of next week regarding the final undertakings (which are still subject to acceptance by the offeror) and the timing of the tribunal’s approval process.
The transaction blurs philanthropy and corporate control of a company that already dominates private education and has mapped out plans to expand in underserved areas. It sits awkwardly against the commission’s dual mandate to protect competition and advance public interest objectives — a tension that could scupper the transaction.
At the end of the 2025 financial year Curro had about 72,638 learners and its facilities can accommodate as many as 30,000 more learners.
In the circular detailing the finer details of the deal, Curro said the Mouton family has ambitions to grow the company’s footprint.
Mouton has, over the years, personally donated a portion of his accumulated wealth to his trust. The objectives of the trust are focused primarily on the provision of bursaries and grants for study to learners and students in South Africa, community development and outreach, and the alleviation of poverty in the country.
“The trust has identified Curro as the ideal vehicle through which to achieve these objectives, given that it is already a reputable business and has a strong and forward-thinking management team,” the circular reads.
“The Curro group currently has about 85% black learners. The trust’s vision is to position Curro as an everlasting independent education institution that uses its funds to build more schools, expand facilities and its education offering, and to provide bursaries for study to augment the government’s efforts to provide excellent education to the leaders of tomorrow.”
The mooted deal has also received unconditional approval from the financial surveillance department of the Reserve Bank and the South African Revenue Service on the basis of it being a PBO, to ensure that Curro operates in accordance with and delivers on what is envisaged in terms of the proposed transaction.
Curro last month said the “only suspensive condition to the proposed transaction that remains outstanding is approval from the South African competition authorities on an unconditional basis, or on conditions acceptable to the offeror”.
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