Black-controlled investment company Pamodzi is to acquire a 25.01% stake in Allied Technologies` (Altech`s) IT operations, which have been restructured under subsidiary Altech Data.
The companies have signed binding heads of agreement, although the deal remains subject to the fulfilment of certain conditions.
Altech Data holds the company`s IT divisions - Altech Card Solutions, Altech Informatics and Isis Telecommunications - excluding NamITech Holdings, which is held directly by Altech. Pamodzi owns an effective 28% stake in NamITech.
Altech CEO Craig Venter says the deal will bring the full benefits of BEE participation to Altech Data.
"I already know from our relationship with Pamodzi that their group will not be content to be a passive partner that provides little input. Since its incorporation Pamodzi has established an impressive track record through its ability to source value-creating transactions, thereby actively adding value to all its investments."
The deal is the latest in a series of black economic empowerment (BEE) transactions that have taken place at Altech.
In December it sold 30% of its radio distributions unit, Alcom, to BEE company Matomo.
In February the Competition Tribunal approved Altech`s R500 million acquisition of NamITech, which included retaining Pamodzi as a 28% shareholder in NamITech.
Related stories:
Altech-NamITech merger approved
Altech sells 30% Alcom stake to Matomo
Share
