South African billionaire Jannie Mouton, through the Jannie Mouton Foundation, has made a R7.2 billion offer to acquire private education group Curro Holdings, the country’s largest independent school network.
Mouton, who played a central role in the creation of Capitec Bank, PSG Group, PSG Financial Services, and Curro itself, said the transaction represents “a game-changing donation in quality education” and one of the largest philanthropic contributions in South Africa’s history.
The Foundation, a registered Public Benefit Organisation (PBO), currently owns 3.36% of Curro. If the deal is finalised, Curro will be converted into a non-profit company and PBO, while continuing to operate efficiently under its existing management. The plan is to reinvest all surpluses into expanding schools, upgrading facilities, and offering bursaries.
“Over time, this will open the door for thousands more children to attend Curro schools through bursaries, broadening access to excellent education,” Mouton said.
Curro currently educates 71,749 learners across its network. The Foundation said demand for quality education remains strong and that the company has significant potential to expand further across South Africa.
The Offer
The Foundation is offering R13 per scheme share, a 60% premium to Curro’s closing share price of R8.13 on 25 August 2025. The consideration will be made up of:
- Cash: R0.85837 per share (6.6% of total consideration)
- Capitec Shares: 0.00284 shares per Curro share (79.7%)
- PSG Financial Services Shares: 0.07617 shares per Curro share (13.7%)
The deal equates to about 1.3% of Capitec’s issued share capital and 3.2% of PSG Financial Services’. Following implementation, Curro will be delisted from the JSE.
While Curro shareholders benefit from the premium, Mouton said the long-term focus is education: “This transaction allows investors to realise significant value while ensuring Curro grows faster, broader, and more inclusively than ever before.”
