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Business Connexion Group Ltd Announces Acquisition Of Integr8 IT


Monday, 5 Nov 2012 01:13am EST 

Business Connexion Group Ltd announced that it has entered into a sale of shares, repurchase and subscription agreement with, inter alia, Integr8 IT (Proprietary) Limited (“Integr8 IT”), Rola Rola Holdings (Proprietary) Limited, Ideal Trading 620 (Proprietary) Limited, TS Family Holdings (Proprietary) Limited, Eritron (Proprietary) Limited (“the Sellers”) and the trustees for the time being of each of the AlcatrazTrust, the CW Holdings Trust, the Multi Icon Trust, the Triple Eight Trust and the TS Family Trust on November 05, 2012, in terms of which, inter alia, it will become the holder of 100% of the issued share capital of Integr8 IT, on, inter alia, the terms and conditions as set out below (“the Acquisition”). BCX intends to cede and assign all of its rights and obligations as purchaser under the Sale Agreement to its 70% held subsidiary, UCS Solutions (Proprietary) Limited, which it is entitled to do in terms of the Sale Agreement. The consideration payable by BCX to the Sellers in terms of the Sale Agreement is an amount of up to R126,0 million in cash, and will be settled through an upfront initial payment of R56,0 million payable on the Closing Date and three potential earn-out payments of up to a maximum amount of R70,0 million portions of which shall be payable on October 15, 2013, October 15, 2014 and October 15, 2015, respectively, and which will be determined and calculated on the achievement of certain profit warrantees. 

Company Quote

563.0
13.0 +2.36%
6:57am EDT