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South African construction and building group Stefanutti & Bressan said on Tuesday that it has agreed to proceed with a transaction to acquire the entire issued share capital of construction company Stocks Limited for a total consideration of R1.121-billion.

It said that the acquisition would enable the group to access increased scale and critical mass to help it secure major construction and civil projects, as well as offer it a bigger pool of resources to service the construction sector.

Another reason for the deal is Stocks Ltd's presence and track record in the United Arab Emirates (UAE), which gives Stefannuti opportunities as it exposes it to the UAE's robust construction market, it added.

The company said the deal would also increase its BEE credentials, raising black direct shareholding from 11.3% to 18.3% of the total issued share capital subsequent to the proposed transaction.

However, the transaction will be subject to shareholder, board and regulatory approval, and the effective date of the acquisition will be the 26th day of the month in which the final transaction agreements are signed.