The Competition Commission has unconditionally approved the sale of Iliad Africa’s wholesale timber business to York Timbers for R45.5-million, following a decision by the building materials provider to streamline its portfolio.
The transaction, which will become effective on August 1, would see York acquiring the defined tangible operating assets, liabilities and intangible assets of the business as a going concern.
The business comprised Germiston-based timber manufacturer and wholesale distributor Thorpe Timber, as well as Cape Town-based timber value adding, treating and wholesale distribution business Timber Preservation Services.
The proceeds of the sale would be used to fund working capital requirements and future growth for Iliad.