South African billionaire and founder of both Capitec Bank and PSG Group, Jannie Mouton, has tabled an offer of approximately R7 billion through his trust to acquire Curro Holdings.
If successful, the deal will see Curro Holdings, South Africa’s largest private school network, delist from the Johannesburg Stock Exchange and transition into a nonprofit organisation.
This will open the door for more families to access affordable, high-quality education for their children.
Founded in 1998, Curro Holdings has expanded to operate more than 70 campuses across South Africa, serving over 60,000 learners. Its network spans both affordable and premium private schools, offering diverse curricula, including the Independent Examinations Board (IEB) and Cambridge systems.
The offer is being made through the Jannie Mouton Stigting, a Public Benefit Organisation established in 2004. According to the proposal, Curro Holdings shareholders would receive R13 ($0.73) per share, to be paid in a combination of cash, Capitec Bank shares, and PSG Financial Services shares, under a scheme arrangement.
This figure represents a substantial 60% premium on the company’s closing share price of R8.13 on 25 August 2025, and a 53% premium compared to its 30-day average trading price.
It must be noted that Jannie Mouton has a history of pioneering initiatives through PSG Group and Capitec Bank, which disrupted South Africa’s financial sector by offering accessible banking solutions. His shift towards education reform reflects a deepening commitment to social impact, guided by the belief that quality education is a cornerstone of economic mobility and a vital tool in poverty alleviation.
The proposed acquisition equates to roughly 1.3% of Capitec’s issued share capital and about 3.2% of PSG Financial Services’. Yet beyond its financial mechanics, the transaction highlights Mouton’s broader vision for transforming education in South Africa, directly linking his investments to social upliftment and improved access to private schooling.
If approved, Curro Holdings will be restructured as a nonprofit company and Public Benefit Organisation. All surplus funds generated will be reinvested into constructing new schools, expanding existing campuses, and providing enhanced support for learners. The trust has further emphasised that operating as a nonprofit will allow Curro to accelerate growth, pursue acquisitions, and upgrade facilities more effectively, positioning it as a leading force in advancing education across the country.
As a nonprofit entity, Curro Holdings will adopt a model where revenue is directed towards initiatives such as scholarships, teacher training, and infrastructure development.
This may allow for lower tuition fees in certain schools, making private education more accessible to middle- and lower-income families. Additionally, nonprofit status could attract donor funding and tax benefits, further enabling Curro to extend its reach and scale its impact.
The Jannie Mouton Stigting has confirmed that Curro will retain its current management team and board of directors, ensuring continuity and stability during the transition. This assurance seeks to preserve governance and operational consistency as the group undergoes structural change.
Nevertheless, the transaction remains contingent on several critical approvals. Shareholders are required to approve the deal by 31 October 2025, while regulatory clearances must be obtained from the South African Reserve Bank, the Competition Authority, and SARS. In addition to this, a High Court sanction will also be necessary before the transaction can proceed.
Furthermore, the deal will also face scrutiny from the South African Reserve Bank, which regulates capital flows, and from the Competition Authority, which will assess its impact on the private education market.
With South Africa’s private school sector experiencing increased demand due to challenges in public education, Curro’s position against competitors such as AdvTech and Spark Schools will be closely examined. The outcome of this acquisition could influence market dynamics and shape investor confidence in education-focused ventures.
Looking into the education sector, South Africa continues to grapple with widespread educational inequality, as many public schools remain under-resourced and struggle to meet rising demand. The National Development Plan identifies expanded access to quality education as a driver of economic growth. Curro’s nonprofit transformation could contribute to these national objectives by easing pressure on the public system while creating new pathways for private schooling opportunities.
Globally, conversions of for-profit entities into nonprofit models are rare but can deliver lasting impact.
For example, certain healthcare providers in the United States have successfully transitioned into nonprofit institutions, enabling greater reinvestment in community services. Curro’s planned restructuring could follow a similar trajectory, offering a scalable model for education reform in South Africa and potentially across other emerging markets.
While the nonprofit model holds the promise of long-term benefits, it does present challenges. These include ensuring consistent funding, managing rising operational costs, and securing stakeholder support throughout the transition. Furthermore, delisting from the JSE may reduce Curro’s market visibility, which could affect its ability to attract investment or forge future partnerships.
If shareholders approve the deal by 31 October 2025, regulatory reviews are expected to conclude by early 2026, with the High Court’s sanction potentially finalising the transaction by mid-2026. Once approved, Curro’s management will present a detailed roadmap for its nonprofit operations, including plans for new school construction, infrastructure upgrades, and potential adjustments to school fees.
This ambitious proposal represents a defining moment for private education in the country. By offering shareholders a premium-backed exit while reshaping the company into a nonprofit, the Jannie Mouton Stigting is laying the foundation for lasting educational transformation. With Mouton’s financial support and the trust’s reinvestment pledge, Curro’s next chapter could see expanded access to quality education across South Africa, ensuring that the country’s largest private school group continues to grow while serving a wider social mandate.
Looking ahead, the outcome of this proposal may set a precedent for how private institutions in South Africa balance profitability with public responsibility. If successful, it could inspire broader shifts in corporate strategy, encouraging other sectors to consider models that prioritise long-term societal benefit alongside financial sustainability.
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One Response
That would be wonderful hope this project goes through as the students have access to better education which is recognized internationally