Tribunal approves Telkom’s BCX buyoutBy SAVIOUS KWINIKA
JOHANNESBURG, (CAJ News) – TELKOM and Business Connexion (BCX) have welcomed the Competition Tribunal’s decision to approve the transaction between the two companies.
This will culminate in Telkom acquiring the entire issued share capital of BCX, which will then delist from the Johannesburg Stock Exchange (JSE). Final approval will now be sought from the Takeover Regulations Panel and the JSE.
Sipho Maseko, Telkom Group Chief Executive Officer, said they were very pleased the Competition Tribunal had approved this acquisition, which will benefit both Telkom and BCX customers.
As a result of this transaction, Telkom will be able to grow beyond its core business of connectivity by expanding into ICT services, while reinforcing our connectivity offering and enhancing Telkom’s convergence strategy,” Maseko said.
Isaac Mophatlane, Business Connexion Group Chief Executive Officer, said BCX had strong capabilities in managed IT Infrastructure, including data centres, cloud based services and application development.
“The merger will enable Telkom to expand its existing offerings while, at the same time, providing scale in IT services, which will help reinforce Telkom’s core connectivity business and enhance Telkom’s convergence strategy,” Mophatlane added.
BCX is one of the largest ICT services providers listed on the JSE when measured in terms of turnover, total assets and staff compliment. The company employs more than 6 700 people on the African continent with offices in various African countries, the United Kingdom and Dubai and generates revenue in excess of R6 billion per annum.
– CAJ News</em>
Short URL: http://cajnewsafrica.com/?p=7225