Thabu Siwedi

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Thabu SiwediPage 01 of 08

Thabu Siwedi

Transactor and strategic counsel. Johannesburg.

Non-Executive Director, Bombela Concession Company (Gautrain)

An entrepreneur’s nerve. A lawyer’s precision.

I structure, fund and close transactions in infrastructure, private capital and M&A, across South Africa and Europe. And I build businesses of my own.

Thabu Siwedi, seated, in a dark suit and patterned tie. Black and white portrait.
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1

Track record highlights

Combined value of the transactions and settlements I have worked on since 2019
R14bn+
Recovered per rand for creditors, after a decade of liquidation deadlock
90c+
Jurisdictions on a single creditor recovery
5
Admitted attorney of the High Court of South Africa
2015
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1.1

Selected deals

  1. 01A motorway operator, bought out of business rescueInfrastructure2020EUR136m
  2. 02Half of the Gautrain concessionaireRail2023c. R1.4bn
  3. 03Claims in a decade-long liquidationConstruction2022 to 2024c. R1bn exit
  4. 04A R9.35bn loan, after a retailer’s collapseCapital markets2019 to 2022R9.35bn
  5. 05An energy engineer, sold to a state-owned nuclear groupEnergy2024Confidential
  6. 06A locomotive fleet, bought to leaseRail2026Undisclosed
  7. 07Six parties, one Jobs Fund applicantDigital games2024 to 2025R26m
  8. 08A Soweto label takes a strategic shareholderConsumer2024Confidential

Open a deal for the problem, the work and the result.

Deal 01 · Infrastructure · Toll roads · 2020 · EUR136m (c. R2.76bn)

A motorway operator, bought out of business rescue

Acquisition by of , a motorway concession operator, out of ’s business rescue.

The problem

Seller in business rescue. Austrian lenders. A Dutch holding company over an operator in Hungary, Poland, the UK and Turkey. We came in late, after an earlier deal had collapsed.

What I did

Led the legal structuring with external counsel: the holding company, management participation, senior and mezzanine debt, due diligence, exchange control.

Result

Closed during the 2020 lockdown.

The structure. Turquoise marks where it turned.
Acquisition by [withheld] of [withheld], a motorway concession operator, out of [withheld]’s business rescue.Buyer to HoldCo. Management to HoldCo: Participation. HoldCo to Operator. Lenders to HoldCo: Senior + mezzanine. Seller · in rescue to HoldCo: Sold out of rescue.BUYERWithheldMANAGEMENTSELLER · IN RESCUEWithheldHOLDCONetherlandsLENDERSAustriaOPERATORHU · PL · UK · TRParticipationSenior + mezzanineSold out of rescue

Bought out of business rescue through a Dutch holding company, on senior and mezzanine debt.

  • Ownership
  • Funding
  • Transfer
  • Contract
  • Where it turned
Deal 02 · Rail · Public-private partnership · 2023 · c. R1.4bn

Half of the Gautrain concessionaire

Acquisition by of a listed contractor’s 50% of the Gautrain concessionaire, funded by .

The problem

A listed contractor wanted out. The buyer needed funding that would not lean on its balance sheet. Other shareholders held pre-emptive rights. The concession restricted any change of control.

What I did

Structured preference share funding so the funder’s return followed the concession’s distributions. Ran the competition approval.

Result

Closed in 2023.

The structure. Turquoise marks where it turned.
Acquisition by [withheld] of a listed contractor’s 50% of the Gautrain concessionaire, funded by [withheld].Funder to Buyer: Pref shares. Seller to Buyer: Sells 50%. Buyer to Concessionaire: 50%. Other shareholders to Concessionaire: 50%. Grantor to Concessionaire: Concession. Concessionaire to Funder: Distributions fund the return.FUNDERWithheldBUYERWithheldSELLERListed contractorOTHER SHAREHOLDERSPre-emptive rightsCONCESSIONAIREGautrainGRANTORGauteng ProvincePref sharesSells 50%50%50%ConcessionDistributions fund the return

Preference shares serviced from the concession’s distributions, not from the buyer’s balance sheet.

  • Ownership
  • Funding
  • Transfer
  • Contract
  • Where it turned
Deal 03 · Construction · Insolvency · 2022 to 2024 · c. R1bn exit

Claims in a decade-long liquidation

Purchase by of ’s proved claims against (in liquidation), and their realisation.

The problem

A group in liquidation for more than ten years. One material asset: a shareholding. No way out.

What I did

Led the purchase of a major creditor’s proved claims, then their realisation, including support for the liquidators’ acceptance of the investee’s offer to buy back its shares.

Result

Deadlock broken. Creditors recovered more than 90 cents in the rand.

The structure. Turquoise marks where it turned.
Purchase by [withheld] of [withheld]’s proved claims against [withheld] (in liquidation), and their realisation.Creditor to Buyer: Sells claims. Buyer to Group · in liquidation: Proved claims. Group · in liquidation to Buyer: 90c+ in the rand. Liquidators to Group · in liquidation: Administer. Group · in liquidation to Investee: Shares. Investee to Group · in liquidation: Buy-back.CREDITORWithheldBUYERWithheldLIQUIDATORSGROUP · IN LIQUIDATIONWithheldINVESTEEWithheldSells claimsProved claims90c+ in the randAdministerSharesBuy-back

A creditor’s proved claims, bought and then realised through the investee’s buy-back of its own shares.

  • Ownership
  • Funding
  • Transfer
  • Contract
  • Where it turned
Deal 04 · Capital markets · Restructuring · 2019 to 2022 · R9.35bn

A R9.35bn loan, after a retailer’s collapse

Resolution of ’s R9.35bn loan to after the collapse of .

The problem

A state asset manager’s loan to a vehicle half-owned by a public pension fund, held against shares that had collapsed. Five jurisdictions. One global settlement.

What I did

Legal strategy, analysis and litigation work product across five jurisdictions, including material for senior counsel.

Result

Resolved through asset disposals and a cession of claims within a global settlement confirmed in Amsterdam (2021) and South Africa (2022).

The structure. Turquoise marks where it turned.
Resolution of [withheld]’s R9.35bn loan to [withheld] after the collapse of [withheld].Lender to Borrower: R9.35bn loan. Shareholder to Borrower: 50%. Borrower to Security. Borrower to Global settlement: Cession of claims.LENDERState asset managerSHAREHOLDERPublic pension fundBORROWERWithheldSECURITYRetailer sharesGLOBAL SETTLEMENTNL 2021 · ZA 2022R9.35bn loan50%Cession of claims

A loan secured on shares that collapsed, resolved by disposals and a cession of claims into a global settlement.

  • Ownership
  • Funding
  • Transfer
  • Contract
  • Where it turned
Deal 05 · Energy · M&A · 2024 · Confidential

An energy engineer, sold to a state-owned nuclear group

Sale by of its interest in to .

The problem

A shareholder’s exit from an engineering, procurement and construction business serving power, mining, and oil and gas, to a strategic buyer owned by a foreign state.

What I did

Lead transactor for the seller.

Result

Completed in 2024.

The structure. Turquoise marks where it turned.
Sale by [withheld] of its interest in [withheld] to [withheld].Owner to Buyer · state-owned. Seller to EPC business: Exits. Buyer · state-owned to EPC business: Acquires.OWNERForeign stateSELLERWithheldBUYER · STATE-OWNEDWithheldEPC BUSINESSWithheldExitsAcquires

A shareholder’s exit to a strategic buyer owned by a foreign state.

  • Ownership
  • Funding
  • Transfer
  • Contract
  • Where it turned
Deal 06 · Rail · Asset finance · 2026 · Undisclosed

A locomotive fleet, bought to lease

Acquisition by of an electric locomotive fleet from , for leasing.

The problem

A leasing fleet only earns on lease. A maintenance contract written for a busy fleet would bill full fees for idle locomotives.

What I did

Legal co-lead on the sale, transfer of title, cross-border VAT and the maintenance agreement. Full fees only while a locomotive is on lease; lower fees in storage and on dry lease; defects verified independently.

Result

Acquisition closed. Leasing to operators under way.

The structure. Turquoise marks where it turned.
Acquisition by [withheld] of an electric locomotive fleet from [withheld], for leasing.Seller to Buyer and lessor: Sells fleet. Buyer and lessor to Fleet: Title. Fleet to Lessees: Leased. Maintainer to Fleet: Fees follow lease status.SELLERWithheldBUYER AND LESSORWithheldFLEETElectric locomotivesMAINTAINERLESSEESRail operatorsSells fleetTitleLeasedFees follow lease status

Full maintenance fees only while a locomotive earns. Lower in storage and on dry lease.

  • Ownership
  • Funding
  • Transfer
  • Contract
  • Where it turned
Deal 07 · Digital games · Development finance · 2024 to 2025 · R26m programme

Six parties, one Jobs Fund applicant

A consortium of six, co-funded by National Treasury’s Jobs Fund, for .

The problem

Six organisations, six mandates. One applicant, one set of obligations to a public fund matching half the cost.

What I did

Structured the consortium and its agreement; advised it through application and approval. Pro bono.

Result

Approved and rolled out.

The structure. Turquoise marks where it turned.
A consortium of six, co-funded by National Treasury’s Jobs Fund, for [withheld].Consortium to Programme: One applicant. Co-funder to Programme: Co-funds 50%.MEMBERWithheldMEMBERWithheldMEMBERWithheldMEMBERWithheldMEMBERWithheldMEMBERWithheldCONSORTIUMOne agreementPROGRAMMEWithheldCO-FUNDERJobs FundCo-funds 50%One applicant

Six organisations, one agreement, one applicant to a public fund matching half the cost.

  • Ownership
  • Funding
  • Transfer
  • Contract
  • Where it turned
Deal 08 · Consumer · Apparel · 2024 · Confidential

A Soweto label takes a strategic shareholder

Sale by the founders of of a minority stake to .

The problem

A founder-led streetwear label bringing in its first strategic shareholder.

What I did

Advised on, structured, negotiated and completed the sale.

Result

Completed in 2024.

The structure. Turquoise marks where it turned.
Sale by the founders of [withheld] of a minority stake to [withheld].Founders to Strategic shareholder: Sell a minority stake. Founders to Streetwear label: Retained. Strategic shareholder to Streetwear label: Minority.FOUNDERSSTRATEGIC SHAREHOLDERWithheldSTREETWEAR LABELWithheldSell a minority stakeRetainedMinority

A founder-led label sells a minority stake to its first strategic shareholder.

  • Ownership
  • Funding
  • Transfer
  • Contract
  • Where it turned
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Career timeline

Norton Rose Fulbright South Africa · Corporate and M&A · 2013 to 2015Partner-led teams on acquisitions, restructurings and commercial agreements, with the banking teams and development finance institutions.

Founder years · Co-founder · 2016 to 2019A boutique commercial law practice of six lawyers. A venture-backed technology start-up. A tailoring business, bootstrapped past R4 million in revenue, then closed.

Lancaster Group · Strategic counsel and general transactor · 2019 to dateJoined a Johannesburg single-family office as in-house counsel; became its strategic counsel and general transactor, reporting to the chairman. Infrastructure and rail, South Africa and Europe.

Bombela Concession Company · Non-executive director · 2023 to dateThe Gautrain concessionaire, through the end of its concession in March 2026 and the handover.

Mapulaneng (MAP) · Principal · 2024 to dateMy own advisory and investment vehicle. Capital raising in critical minerals and transport.

Infrastructure private equity · Co-founder · 2025 to dateCo-founded an infrastructure private equity manager and built its legal, governance and compliance framework.

LLB and BA (Law and Politics), University of the Witwatersrand. Admitted attorney of the High Court of South Africa, 2015.

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My approach

2.1Read the other side first
How do they decide, who approves, what do they need to say yes? With public bodies, their own rules are the best argument.
2.2Risk sits with control
Each cost goes to whoever controls it. A leased locomotive pays full maintenance only while it earns.
2.3Governance must survive the deal
No single member should be able to stop a consortium. Raise the threshold only where it matters. Let members step aside instead of veto.
2.4Exact where it counts
Brief everywhere else. A short, correct memo that gets a decision beats a long one that does not. Boards get options and a recommendation.
The rule

Understand the system and what drives the people in it. Align with it, and people will call you lucky.

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Off the record

After hours.

Thabu Siwedi smiling, in a dark suit against a white wall. Black and white portrait.

Jozi, by way of the East Rand. Spruitview raised me. Soweto claims me through my father’s side.

Four grandparents, four lineages: Tonga, Xhosa, Pulana, Tswana. Eldest of seven.

Reading
How Van der Bijl built Eskom and Iscor, and what building institutions takes now.
On the desk
Subramanian, Dealmaking. Lee Kuan Yew, From Third World to First.
Golf
Chasing scratch.
Listening
Kwaito, the old school. Deep house.
Home
A daughter. Weekends are hers.
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Engagement

If you’d like to connect or work with me, countersign below.

Signed at Johannesburg on .

/s/ Thabu Siwedi

Thabu Siwedi

Who warrants that the record is accurate.

For the counterparty

Email is best. WhatsApp for something quick.

Countersign

4.1 · Notices

Email
thabu@siwedi.com
Local time
in JohannesburgJohannesburg, SAST (UTC+2)
4.2 · Bio for introductions
4.2 · Third person, ready to paste.

Bio for introductions

Thabu Siwedi is a Johannesburg-based transactor and strategic counsel. He structures, negotiates and closes transactions in infrastructure, private capital and corporate M&A across South Africa and Europe, and has worked on transactions and settlements with a combined value of more than R14 billion since 2019. He is a non-executive director of Bombela Concession Company, the Gautrain concessionaire. He trained in corporate M&A at Norton Rose Fulbright and is an admitted attorney.

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A

Transnet PSP: the public record

Private sector participation at Transnet. Every process, where it stands, from published sources only.

Processes
13
Preferred bidder or later
4
In the market
6
Being structured
3

Next, as published

  1. 20 November 2026Duncan Dock multipurpose terminal. Bids close.
  2. December 2026LeaseCo: rolling stock leasing. Bids close.
  3. Before end-2026Container corridor. RFQ expected.
  4. Before end-2026Third-party access to the freight network. First private operators may begin pilot runs. Most expected on the mainline during 2027.
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