Curro
Curro Holdings’ shareholders have voted resoundingly in favour of a R7.2 billion buyout offer from the Jannie Mouton Foundation, paving the way for the company to delist from the Johannesburg Stock Exchange (JSE) and transform into a non-profit organisation.
The decision, made at a general meeting on Friday, 31 October 2025, received 99.98% approval, reflecting strong investor support for the vision to expand access to quality education. Founded in 1998, Curro has grown into the country’s largest private school group with over 180 campuses, serving more than 70,000 learners across diverse communities. This shift, driven by billionaire philanthropist Jannie Mouton, aims to prioritise long-term societal impact over short-term profits, potentially unlocking bursaries for thousands of underprivileged children.
The Buyout Deal: Details and Shareholder Vote
The Jannie Mouton Foundation, a public benefit organisation established by the renowned entrepreneur, announced its intention to acquire all of Curro’s issued shares in August 2025. The offer, valued at approximately R7.2 billion, provides shareholders with R13 per share, payable through a mix of Capitec shares, PSG Financial Services shares, and cash. This premium deal, representing a 60% markup over Curro’s share price at the time, was designed to appeal to investors while aligning with the foundation’s charitable goals.
At the general meeting, the transaction sailed through with near-unanimous backing. “Curro is pleased with the significant support shown by shareholders for the proposed transaction, which is reflected in the votes,” the company stated. “This is a unique and game-changing transaction for South African education, and has the potential to benefit the public at large, for many generations to come.” With shareholder approval secured, the deal now awaits clearance from the South African and Botswana Competition Authorities, expected in the coming weeks. If greenlit, Curro will delist from the JSE by December 2025, marking the end of its era as a publicly traded entity.
Jannie Mouton’s Vision: From Profit to Philanthropy
Jannie Mouton, a self-made billionaire who founded powerhouse companies like PSG Group and Capitec Bank, has long championed education as a tool for upliftment. Through his foundation, he is committing nearly all its resources to this acquisition, viewing it as Africa’s largest-ever philanthropic investment in education. “Education has always been close to Jannie’s heart; he sees it as a powerful way to uplift communities in South Africa and help South Africans reach their full potential,” the foundation explained. “That’s why the Trust is putting almost all of its resources into making this happen. By working with Curro, the Trust believes it can create far greater impact.”
Foundation chair Jan Mouton described the deal as “quite possibly the largest philanthropic contribution South Africa has ever seen.” He emphasised that the non-profit model will enable Curro to focus on long-term goals without the pressures of quarterly earnings. “Over time, this will open the door for thousands more children to attend Curro schools through bursaries, broadening access to excellent education,” he said. The shift removes the need for investor-driven growth, allowing reinvestment into scholarships, infrastructure, and community programmes.
Curro’s Journey: From Humble Beginnings to Education Powerhouse
Established by former teacher Chris van der Merwe in 1998 with a single school in Durbanville, Curro has expanded rapidly to become a cornerstone of private education in South Africa. The group now operates over 180 schools, including affordable options through its Curro Academy and Meridian brands, catering to a wide range of income levels. Listed on the JSE in 2011, Curro has focused on high-quality, holistic learning, blending academics with sports and arts.
Van der Merwe welcomed the transition, saying: “When I started Curro, my goal was to create broad access for learners to high-quality education and teaching. Thanks to the Jannie Mouton Foundation, this dream is entering into an exciting phase. Now, thousands of talented children who might never have had the chance to go to excellent schools will get the opportunity to reach their full potential.” The non-profit status will allow Curro to pursue this mission without profit constraints, potentially increasing enrolment through subsidised fees and bursaries.
Economic and Social Implications of the Shift
The privatisation is seen as a bold experiment in blending business acumen with philanthropy. By going non-profit, Curro can prioritise societal benefits, such as expanding access for low-income families and investing in underserved areas. This could help address South Africa’s education inequalities, where public schools often struggle with resources while private options remain out of reach for many.
However, the delisting means shareholders cash out, ending public trading that once valued the company at billions. For the foundation, this aligns with Mouton’s legacy of building sustainable institutions like Capitec, now turning his focus to education. Critics worry about transparency in a non-profit setup, but supporters argue it will foster innovation free from market pressures.
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