Outstanding regulatory approval from has pushed Altron to defer the sale of its ATM business to NCR.
The deal, estimated to be worth R183 million, has already received approvals in South Africa, Botswana and Eswatini, with only Namibia outstanding.
In SA, the Competition Commission (CompCom) approved Altron’s sale of its ATM Hardware and Support Business to the US technology company last month.
The CompCom gave the transaction the green light, but with conditions, as the deal did not promote greater spread of ownership to historically-disadvantaged persons (HDPs) and workers.
“To address this, the merging parties have agreed to, among others, implement a transaction that will transfer a minimum percentage of the target business to either HDPs or to workers. The merging parties have also made commitments in relation to skills, enterprise and supplier development.”
The transaction was first announced in October, when the JSE-listed Altron revealed its intention to sell the ATM Hardware and Support Business portion of its Altron Managed Solutions division to NCR.
The R183 million deal was subject to regulatory approvals in countries the company had presence.
Yesterday, Altron notified shareholders that due to the outstanding approval in Namibia, conclusion of the transaction has been deferred.
It said: “Whilst the regulatory approvals for the transaction have been received from the South African, Botswana and Eswatini Competition Commissions, regulatory approval from the Namibia Competition Commission is still outstanding and thus, the parties have agreed to extend the date for the fulfilment or waiver (to the extent permissible) of the conditions precedent to 24 April 2023.”
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