DLA Piper advised FirstRand Bank on acquisition of Slow Lounge business from Comair
DLA Piper has advised FirstRand Bank Limited (FRB), the largest financial services group in Africa, on its acquisition of the Slow Lounge business from Comair Limited (Comair) for R250 million.
Comair is the owner of low-cost airline kulula.com and domestic operator of British Airways (under a licence agreement). Slow Lounge is an operator of high end domestic airport lounges in South Africa.
The transaction is subject to the fulfilment of certain conditions, such as regulatory approvals and the amendment of Comair's business rescue plan.
DLA Piper has also previously advised the FirstRand Group on other acquisitions including Ghanaian GHL Bank and UK-based Aldermore Bank.
The DLA Piper South Africa team was led by Johannes Gouws (director, country managing partner), together with corporate team members Amy Eliason (director) and Brian Malcomess (senior associate); competition director, Janine Simpson and employment director, Monique Jefferson.