JSE-listed firms Allied Electronics (Altron) and Etion have extended the fulfillment or waiver date for the conditions precedent to the LawTrust acquisition until August 31.
Altron subsidiary Altron TMT signed an agreement with Etion in April to acquire Etion’s cyber and information security subsidiary LawTrust for R245-million.
Altron TMT plans to absorb LawTrust to enhance its information technology security service offerings and capabilities, accelerate its market positioning and provide a strong platform for the growth of Altron.
The transaction was subject to the fulfilment or waiver of conditions precedent by July 15, however, not all of the conditions precedent have been fulfilled and the parties, including LawTrust, have agreed to extend the date for the fulfilment or waiver of conditions precedent to August 31, through the conclusion of an addendum to the Agreement.
Etion, as Ansys, prior to its rebranding early in 2018, bought LawTrust to bolster its cybersecurity business through strategically aligned products and access to new markets.