Legae Peresec to acquire 65% stake in Peregrine Securities for $50m.

Legae Peresec, the largest black-owned, managed and controlled independent financial securities company in South Africa, agreed to acquire 65% stake in Peregrine Securities $50m. Financial terms were not disclosed. Management of Peregrine Securities would retain its 35 percent stake in the business. The deal was largely considered to advance transformation of South Africa’s stock broking industry, which is still battling with the entrance of black-owned firms.