JSE-listed Altron and NCR Corporation have agreed to extend, by one month to May 31, the finalisation date for the fulfillment of the outstanding conditions precedent for the sale of the ATM hardware and support business of Altron TMT (ATMT).
In October, Altron’s wholly owned subsidiary, ATMT, entered into an agreement with NCR Corporation, through its wholly owned subsidiary Spark ATM Systems, for the sale of the ATM hardware and support business of ATMT’s Altron Managed Solutions (AMS) division (AMS ATM Hardware and Support Business) to NCR for a purchase consideration capped at $10-million.
This extension is to allow the parties to receive the regulatory approval from the Namibian Competition Commission, which remains outstanding and to enable NCR to finalise the new company’s value-added tax registration with the South African Revenue Service.
The parties have mutually agreed that the transaction will be concluded through a newly-formed South African company wholly-owned by NCR.
Initially, the agreement set the date for conditions to be fulfilled or waivered as February 23.
In February, the parties extended the date for the fulfilment or waiver of the conditions precedent to April 24.
At the time, regulatory approvals for the Transaction have been received from the South African, Botswana and Eswatini Competition Commissions, however, regulatory approval from Namibia Competition Commission was still outstanding.