First Carlyle Growth V, a fund managed by The Carlyle Group L.P. (NasdaqGS:CG) entered into a sale and purchase agreement to acquire Amalgamated Electronic Corporation Limited from Stellar Capital Partners Limited (JSE:SCP) for approximately ZAR 420 million on December 14, 2018. The cash proceeds will escalate by 10% per annum in the event that the closing date is delayed beyond March 31, 2019. The transaction is subject to certain due diligence, Carlyle Group entering into finance agreements to procure borrowings to partially finance the consideration, approval for certain radio frequency spectrum and class electronics communications networks licenses from the Independent Communications Authority of South Africa, approvals from the Financial Surveillance Department of the South African Reserve Bank and approved by any relevant competition and/or anti-trust authorities in South Africa or elsewhere. The transaction is expected to close on July 1, 2019. Stellar Capital will utilize the proceeds of the transaction to redeem its preference shares and to optimize its capital structure going forward. As of June 24, 2019, all the conditions precedent to the agreement have now been fulfilled and the disposal becomes unconditional.

Cliffe Dekker Hofmeyr acted as legal advisor to Stellar Capital Partners. Baylin,Spence ; Zhang,Jiaying ; Mutisya,Daniel; Madden,Charlotte; Belo-Osagie,Adesuwa Jamilla; Shah,Priya, Ng,Michael Yuen Loong, Wellings,Nigel; Kalesanwo,Mayowa; Thomas,Simon and Kemp,Chris of Clifford Chance US LLP acted as acted as legal advisors to The Carlyle Group L.P. (NasdaqGS:CG). Latham & Watkins LLP acted as legal advisor to Carlyle Group L.P. (NasdaqGS:CG).

First Carlyle Growth V, a fund managed by The Carlyle Group L.P. (NasdaqGS:CG) completed the acquisition of Amalgamated Electronic Corporation Limited from Stellar Capital Partners Limited (JSE:SCP) on June 2019.