Datatec completes Comztek acquisition
JSE-listed information and communications technology (ICT) group Datatec on Monday said it had fulfilled all conditions precedent for the acquisition of ICT and networking distributor Comztek Holdings.
Datatec bought Comztek from fellow-listed Mustek, various members of the management team and employee trusts for R88-million.
The firm settled a cash consideration of R48-million funded from new loan finance and was expected to issue 752 606 new Datatec ordinary shares at R0.01 for the remaining R40-million.
Comztek would be integrated into Datatec’s Westcon South Africa subsidiary and an internal reorganisation would result in the group’s black economic-empowerment partner, the Mineworkers Investment Corporation, holding a 40% stake in the combined business; Comztek management owning 9.9% and Datatec, through subsidiary Westcon Emerging Markets Group, 50.1%.
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