July 15, 2019 / 6:11 AM / 4 months ago

Bidvest to buy Enx's Eqstra in $222 million deal

(Reuters) - South Africa’s Bidvest Group (BVTJ.J) on Monday said it will acquire Enx Group’s (ENXJ.J) Eqstra Fleet Management and Logistics in a deal worth 3.1 billion rand ($222.34 million) on an enterprise value basis.

The company, which also operates in financial services and automotive retailing, said the deal with Enx is in line with its intent to focus on fleet management.

Eqstra’s existing debt will be refinanced by the banks’ available capital, Bidvest added.

Reporting by Samantha Machado in Bengaluru, Editing by Sherry Jacob-Phillips

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