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G4S Plc's by G4S Cash Solutions (SA) Proprietary Limited Acquires Deposita Systems (Pty) Ltd with Related Intellectual Property Rights


Friday, 14 Dec 2012 02:00am EST 

G4S Plc announced that it has agreed to acquire Deposita Systems (Pty) Ltd together with certain related intellectual property rights (Deposita). Deposita is the South African market company in cash devices and related cash-in-transit, cash processing and insurance for the retail sector. The acquisition of Deposita is to be undertaken by G4S Cash Solutions (SA) Proprietary Limited (G4S), a provider of cash solutions in South Africa, from AFGRI Operations (Pty) Ltd (a wholly owned subsidiary of AFRGI Limited) and Fox Business Trust (Fox). Upon completion, G4S will own 87% of the shares in Deposita and pay total consideration of R 114 million (GBP 8.2 million) post debt restructuring. The acquisition of Deposita will strengthen G4S's position in the South African retail cash technology marketplace. Deposita was founded in 2004 and has expanded its operations throughout South Africa. It is headquartered in Midrand, Gauteng, and employs 165 staff across the country. Mr. Wessel Oosthuizen (Chief Executive Officer) and the remainder of the Management Team will remain with the business following the acquisition, reporting to Mr. Albert Erasmus, Managing Director of G4S Cash Solutions (SA) (Pty) Limited. 

Company Quote

260.1
-0.3 -0.12%
16 Sep 2014