The proposed takeover of Curro Holdings Limited by the Jannie Mouton Foundation, valued at around R7.2 billion, has hit a delay after South Africa’s competition regulator received a ten-business-day extension.
Established in 1998, Curro is today the country’s largest private school group, with over 180 schools operating in South Africa.
The acquisition plan involves the Foundation acquiring all issued shares and converting Curro into a non-profit public benefit organisation (PBO) with surpluses reinvested into bursaries and school development rather than dividends.
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The Jannie Mouton Foundation (JMF) is a charitable organisation founded by billionaire businessman Jannie Mouton, behind major South African enterprises such as PSG Group and Capitec Bank.
In August 2025, the JMF announced a scheme to acquire all of Curro’s shares in exchange for the equivalent of R13 per share — a mix of Capitec shares, PSG Financial Services shares, and cash — representing a premium of roughly 60 % over the closing share price at the time.
Once completed, the scheme envisages Curro being delisted from the Johannesburg Stock Exchange and operating as a non-profit entity under the Foundation’s oversight.
Curro’s shareholders overwhelmingly approved the deal (99.98 %) at the company’s general meeting. However, regulatory approval remains a key hurdle. The competition authorities have been granted an extension by the Foundation, enabling the Department of Trade, Industry and Competition (DTIC) additional time to provide its feedback.
This delay means that the originally notified timetable — which included a suspension of Curro shares from trading on the JSE from 26 November 2026 and delisting from 2 December 2025 — will need to be revised.
Implications for stakeholders:
- For parents and learners: Though the deal is not yet finalised, the school campuses, teachers, curricula and day-to-day operations are expected to continue as normal for now.
- For the education sector: If successful, the conversion of Curro into a PBO could mark one of the largest philanthropic moves in South African education, with the potential to scale bursaries and infrastructure investment.
- For investors: The premium offer rewarded current shareholders, but the delisting removes a listed education investment option and shifts the model from commercial to philanthropic orientation.
- For regulators: The extension shows the complexity around competition and public-interest considerations when converting a large private education group into a non-profit structure.
The private schooling sector in South Africa plays an increasingly important role amid underinvestment in public schooling, rising demand from parents for alternatives, and economic pressures on family budget.
Curro’s own interim results for the first half of 2025 showed a slight drop in learner numbers (-1.4 % to about 71 749) though revenue grew by 4.7 % to R2.7 billion.
The deal therefore arrives at a time when private-school groups are under pressure to manage growth, maintain affordability, and deliver quality while facing challenging macroeconomic conditions.
What to watch going forward
- Regulatory approval – The decision by the competition authorities and the DTIC will determine whether the deal proceeds, whether it will be subject to conditions, and how long the process will take.
- Revised timetable – Curro and the JMF will publish a revised timeline for suspension of share trading, delisting, and the conversion into a non-profit entity.
- Impact on fees and bursaries – While immediate fee reductions are unlikely, the stated intention is to expand bursary programmes and infrastructure investment. Parents should monitor official communications from their campuses.
- Operational continuity – While existing management seems set to remain in place in the short term, longer-term plans for governance and management under the PBO model will become clearer.
- Sector ripple effects – Other private-school groups and investors will observe how this precedent plays out: converting a large commercial education business into a PBO may influence strategy across the sector.
The Curro privatise deal represents a bold shift in South Africa’s private-school landscape: from a commercial listed entity to a philanthropic model committed to reinvesting in access and infrastructure. The delay via the regulatory extension is not a derailment but a reminder of the complexities inherent in such transformational transactions.
For parents, shareholders, and the wider education community, the outcome will be carefully watched — and if successful, may mark a significant milestone for education in South Africa.
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No. The short-term operation remains unchanged and the emphasis is on bursaries and reinvestment rather than immediate across-the-board fee cuts.
Not in the short term. The deal does not appear to involve rebranding of school campuses; the primary change is the ownership structure and status.
Yes. Regulatory approvals and final shareholder processes must still be satisfied. Until then the transaction remains subject to conditions
