Zak Calisto moves into insurance as regulator backs King Price deal

A South African tech billionaire is expanding into the insurance sector after the country’s competition watchdog recommended approval of a transaction that will give him an interest in King Price.

• South African tech billionaire Zak Calisto is moving into insurance after regulators backed his planned stake in King Price.
• The Competition Commission recommended that the deal be approved without conditions.
• The transaction involves King Price Financial Services and technology consultancy Porcupine Union.
• If final approval is granted, the move will link vehicle telematics and insurance under Calisto’s expanding mobility portfolio.

The said it has advised the to approve the proposed deal without conditions, stating that it is unlikely to substantially lessen or prevent competition and does not raise public interest concerns.

The financial terms of the transaction have not been disclosed.

Deal structure

The acquisition will be carried out through two entities, Orient Victoria and KP Partners, which intend to acquire and a related technology consultancy, .

According to the Commission, Orient Victoria is ultimately controlled by the same individual who controls Cartrack and its subsidiaries, indicating Calisto. The company is registered in Singapore, where corporate records list him as the sole director.

KP Partners, the second acquiring vehicle, has three directors, including the chief executive of King Price. The final shareholding structure following the transaction has not been made public.

The Commission also noted that neither King Price Financial Services nor Porcupine Union is currently controlled by any of their shareholders.

Overlap in vehicle and insurance markets

King Price Financial Services is a licensed insurer offering life and non-life insurance products, including car insurance.

This is relevant because Cartrack, a subsidiary of Nasdaq-listed , provides vehicle tracking, fleet management, stolen vehicle recovery, insurance telematics, broking services and related data analytics in South Africa and other markets.

Porcupine Union provides data-driven consultancy services, including statistical modelling, machine learning and collection optimisation.

After assessing these overlaps, the Competition Commission concluded that the transaction is unlikely to reduce competition in any market.

Calisto’s business background

Calisto is the founder and controlling shareholder of Karooooo, the technology group that owns Cartrack.

Cartrack began as a vehicle telematics company and expanded into fleet management and subscription-based software services. The business listed on the Johannesburg Stock Exchange in 2014 before delisting in 2021 and moving its primary listing to the United States under Karooooo.

In recent financial updates, Karooooo reported continued growth in subscribers and revenue, reflecting steady demand for its tracking and fleet management services.

Calisto’s net worth has fluctuated with the company’s share price. He briefly reached dollar-billionaire status in 2025 following strong market performance.

The Competition Tribunal is expected to issue a final decision, but the Commission’s recommendation removes a major regulatory hurdle for the transaction.