[Johannesburg - 6 November 2025] – CMS South Africa is pleased to announce it acted as legal advisor to Exxaro and the FerroAlloys Management team on the successful disposal of Exxaro's entire issued share capital in Exxaro FerroAlloys Proprietary Limited.
The transaction which demonstrates Exxaro’s firm intention to enhance the economic participation of black-owned and controlled companies in the South African economy, saw the FerroAlloys business acquired by a consortium led by EverSeed Energy Proprietary Limited, a 100% black-owned investor and operator. The disposal, valued at ZAR250 million, was successfully completed and became effective on 31 October 2025.
CMS South Africa’s role involved advising the seller, Exxaro, as well as providing counsel to the FerroAlloys management team, which secured a 30% stake in the newly structured entity alongside an Employee Share Ownership Plan (ESOP) taking 10%, ensuring operational continuity and alignment with Exxaro’s commitment to enabling empowered, locally owned businesses. The remaining 60% stake is held by EverSeed.
Yushanta Rungasammy, Director and Co-Head Corporate & Commercial at CMS South Africa, commented: “This has certainly been a very challenging deal representing one of our longstanding and most important clients. We are proud to have supported both Exxaro and the management team on this strategically important transaction. This deal is a fantastic example of local empowerment and transformation in the resources sector, aligning the interests of the seller, management, and a committed, black-owned investor to ensure a sustainable future for the business.”
Riza Moosa, Director and Head of Banking & Finance at CMS South Africa, added: “This transaction showcases the collaborative strength of our multi-disciplinary team in delivering complex, high-value deals. It was particularly rewarding to structure a transaction that not only achieved our client’s commercial objectives but also embedded long-term empowerment and ownership opportunities for management and employees. The financing and execution aspects required innovative thinking and seamless coordination - a testament to the depth of capability we have at CMS South Africa.”
