Lebashe Investment Group Proprietary Limited agreed to acquire Rise Broadcast (Pty) Ltd and VUMA 103FM Studio from Tiso Blackstar Group SE (JSE:TBG) for ZAR 50 million on July 26, 2019. The transaction is subject to board of directors of Lebshe, Vuma, Rise Broadcast and Blackstar Holdings Group (Pty) Ltd approving the transaction not later than July 31, 2019, the counterparties to certain leases to which Rise Broadcast and Vuma are party have unconditionally consented in writing to the change in control of each of Rise Broadcast and Vuma not later than October 31, 2019, timely submitted all notices required in law to be submitted to the Independent Communications Authority of South Africa not later than August 30, 2019, South African competition authorities approval, Blackstar Holdings Group (Pty) Ltd acquiring 100% of the shares in Rise Broadcast and Vuma from Tiso Blackstar Group (Pty) Ltd no later than November 29, 2019, unconditional approval by Independent Communications Authority of South Africa (ICASA) no later than July 31, 2020. As on October 10, 2019, competition tribunal approved the acquisition of Rise Broadcast (Pty) Ltd and VUMA 103FM. The transaction is expected to complete in June 2020. Delta Partners FZ-LLC acted as financial advisor to Lebashe and Cliffe Dekker Hofmeyr acted as legal advisors to Lebashe and Tiso Blackstar. Lebashe Investment Group Proprietary Limited cancelled the acquisition of Rise Broadcast (Pty) Ltd and VUMA 103FM Studio from Tiso Blackstar Group SE (JSE:TBG) on July 26, 2020.