September 23, 2024: Lead mogul Howard Myers’ Quexco Incorporated business has agreed to acquire Turkey’s troubled Mutlu Akü lead battery business from South Africa’s Metair Investments in a $110 million deal.

News of an acquisition related to Meyers had reached this newspaper the day before but nothing had been confirmed.

The announcement comes after Batteries International exclusively revealed in February 2022 that Metair was looking to sell its Turkish operation, along with other battery firms that make up its energy storage division including Rombat and First National Battery.

A sale and purchase agreement between Metair subsidiary Metair International Holdings Coöperatief and Quexco Incorporated was signed on September 16, the companies revealed in a Johannesburg Stock Exchange announcement on September 17.

Metair said the disposal consideration in respect of its entire shareholding in Metair Türkiye was around ZAR1.95 billion, based on an exchange rate of ZAR17.76 to $1 as of the signature date — payable in cash by Quexco, subject to conditions and customary adjustments, on an as yet unspecified closing date.

The value of Metair Türkiye’s net assets as of 31 December 2023 was ZAR2.9 billion and the loss attributable for the same date was ZAR70.6 million.

Metair said full details will be published at a later date, but said the sale will allow it to primarily become an automotive component manufacturing business focused on South Africa, with a strategic focus on the sub-Saharan African mobility sector.

Quexco is wholly owned and controlled by Myers as chairman. It was founded in 1984, with its predecessor entity dating back to 1974.