JSE-listed UCS has acquired a 51% interest in the equity of 3J Holdings. The maximum value of the deal has been set at R12.24 million and will be settled in UCS shares.
In a statement to shareholders yesterday, UCS said the 3J Holdings group of companies shared a number of common customers with UCS subsidiary, Computerkit.
The transaction will enable UCS to position a "one-stop shop" for Computerkit clients, while aligning the interests of the respective management teams, and providing the appropriate incentive and retention mechanisms, it said.
Management-owned 3J is the holding company of a number of businesses supplying computer consumables, equipment, software or services. The net asset value of the company, at 28 February, was R5 million.
UCS said it would offer a maximum of 4.8 million shares at an issue price of R2.53 each, once all conditions of the deal had been fulfilled. Half will be issued on the fulfilment of these conditions. The remainder will follow after the receipt of 3J's audited accounts for the seven months ending 30 September.
The acquisition is conditional on Competition Commission approval.
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