More than $25bn (€16.2bn) of deals have been completed under South Africa's Black Economic Empowerment Initiative, one of the most important drivers of mergers and acquisitions and private equity-led buyouts in the country during the post-apartheid era.

In a comment issued today by rating agency Moody’s, it said this trend under the BBE initiative is expected to continue to grow for at least the next five to seven years, and that it has, and will continue to have, a profound impact on the South African economy.