Done Deal – Insights from our M&A and Activism team – November 2025

 Meet our Team: 30 seconds with Sherryn Schooling

Describe your area of expertise at FTI and the value you bring to clients?

I’ve spent the past 15+ years in financial communications, helping companies across multiple sectors tell their story clearly when the pressure is on.

I’m at my happiest in the thick of complex M&A. A recent one I’m really proud of was our work on the Saudi-backed management buyout of Barloworld, a 120-year old South African industrial champion. We were brought in to lead communications for a consortium on this $1.3 billion take-private.  From the very first whispers about a possible bid in early 2024, this deal had it all: the quiet but crucial nod from Caterpillar, who prefers privately owned dealers, a major investor pushing for a higher offer price, intense governance and BEE scrutiny in South Africa, a US regulatory probe into potential exchange control violations at Barloworld’s Russian operations, shifting positions from major shareholders, a failed Scheme of Arrangement, a triggered Standby Offer, to last-minute dividend complications on the offer consideration. You name it, we navigated it.

Over nearly two years of twists and turns, we kept absolute message discipline across South Africa, the Kingdom of Saudi Arabia and beyond. We built a true multi-stakeholder strategy, delivered airtight leak planning, crafted one clear narrative that worked for government, internal stakeholders, regulators, proxy advisors, and Saudi media alike, engaged in proactive media outreach that turned many sceptical journalists into explainers of the rationale and ensured constant alignment between the consortium and advisors across every regulatory milestone.  Our end-to-end support was pivotal in delivering deal success with the consortium securing 97.6% acceptances, allowing it to implement a squeeze out and delist the company.  

Outside of deals, I help our clients to move sentiment and protect their reputations. Whether that’s sharpening equity stories, running advocacy campaigns, prepping for results and capital markets days, opening doors to investors and analysts, or getting the team genuinely crisis-ready.

What deal trends are you seeing in your marketplace?

Despite South Africa’s widely acknowledged challenges, we are seeing foreign direct investment gaining some momentum as global investors are increasingly recognising the country’s untapped potential. While the risks are real, South Africa is attracting more savvy international players who are eyeing its undervalued opportunities. And they are willing to pay attractive premiums to secure them. While entry into South Africa requires vigilance, success is heavily dependent on gaining broad stakeholder alignment and navigating local regulatory nuances. This where FTI’s local presence plays an important role as a strategic partner for foreign investors eyeing South Africa. 

A few notable recent foreign investments into South African companies where compelling premiums have been offered:  

• The abovementioned consortium’s $1.3 billion offer for Barloworld was an 87% premium to Barloworld’s 30-day VWAP; 
  French media group Canal+ acquired, MultiChoice, a South African and sub-Saharan Africa broadcaster in a $2.6 billion deal to merge its operations to create a pan-African media leader – the offer represented a 66.6% premium over MultiChoice’s closing price before the NBIO; 
• In 2025, US-based ASP Isotopes completed a secondary listing on the JSE and advanced a $1.2 billion acquisition of helium producer, Renergen (representing an approximate premium of 41.3% on Renergen’s 30-day VWAP);
• In September 2025, a US-based SPV backed by WndrCo LLC, James Simmons and family and other high net worth individuals  made an $8 million offer for Metrofile, a South African information and records management company, (a 99% premium to the closing price before the offer was made, making it one of the highest premiums paid in South Africa in over two decades).

What do you do outside of work that helps you reset and stay sharp for the next professional challenge?

You can usually find me out on my bike on the weekends – yes, it’s a motorbike (just don’t tell my mother). Learning to ride at a fairly advanced age has taught me to focus completely on one thing at a time and stay fully present. It still scares me a little, but I think that fear keeps my mind clear and overall has made me far better at handling day to day stress.