Tech Billionaire Zak Calisto Expands Into Insurance After Regulator Backs King Price Deal

Zak Calisto is set to expand his business empire into the insurance sector after South Africa’s Competition Commission recommended approval of a deal that will give him a stake in King Price. The regulator said the proposed transaction is unlikely to substantially lessen competition or raise public interest concerns, advising that it be approved without conditions. Final clearance now rests with the Competition Tribunal. Deal Structure and Entities Involved The acquisition will be executed through two entities — Orient Victoria and KP Partners — which intend to acquire King Price Financial

Zak Calisto is set to expand his business empire into the insurance sector after South Africa’s Competition Commission recommended approval of a deal that will give him a stake in King Price. The regulator said the proposed transaction is unlikely to substantially lessen competition or raise public interest concerns, advising that it be approved without conditions. Final clearance now rests with the Competition Tribunal. Deal Structure and Entities Involved The acquisition will be executed through two entities — Orient Victoria and KP Partners — which intend to acquire King Price Financial Services and technology consultancy Porcupine Union. According to the Competition Commission, Orient Victoria is ultimately controlled by the same individual who controls Cartrack and its subsidiaries, pointing to Calisto. The company is registered in Singapore, where he is listed as sole director. KP Partners, the second acquiring vehicle, includes three directors, among them the chief executive of King Price. However, the final post-transaction shareholding structure has not yet been disclosed. Linking Telematics and Insurance King Price Financial Services is a licensed insurer offering both life and non-life products, including motor insurance. This creates a strategic overlap with Cartrack, a subsidiary of Karooooo, which provides vehicle tracking, fleet management, stolen vehicle recovery, insurance telematics, broking services, and data analytics across multiple markets. Porcupine Union, meanwhile, delivers data-driven consultancy services such as statistical modelling, machine learning, and collection optimisation. After reviewing these overlaps, the Competition Commission concluded the transaction would not significantly reduce competition in any relevant market. Calisto’s Expanding Mobility Portfolio Calisto is the founder and controlling shareholder of Karooooo, the Nasdaq-listed technology group that owns Cartrack. Cartrack began as a vehicle telematics business before expanding into fleet management and subscription-based software services. The company initially listed on the Johannesburg Stock Exchange in 2014, delisted in 2021, and shifted its primary listing to the United States under Karooooo. Recent financial updates show steady subscriber and revenue growth, reflecting strong demand for mobility and fleet management solutions. Calisto’s net worth has fluctuated alongside the company’s share price, briefly reaching billionaire status in 2025 during a period of strong market performance. If the Competition Tribunal grants final approval, the move will formally integrate vehicle telematics and insurance under Calisto’s expanding mobility-focused business ecosystem — marking a significant strategic shift into financial services.