Bytes Technology Group (BTG) says it has agreed in principle to acquire a company in the UK.
The group first announced in February that it was in advanced talks to buy the unnamed company, a broad-based IT services operation.
It says the acquisition will complement BTG`s existing UK operations and enhance its IT offering.
Agreement has been reached in principle with the vendors and a due diligence exercise is under way.
BTG reported in May that it had achieved a turnaround, with headline earnings of 63.39c per share for its year to 28 February, compared with a headline loss of 155.95c a share the previous year. It recorded an operating profit of R109.89 million on turnover of R2.34 billion compared with a R59.02 million loss on turnover of R763.27 million previously.
Chairman David Redshaw attributed the turnaround to a significant restructuring exercise which included the disposal of loss-making operations.
The BTG share was untraded at 410c on the JSE this morning.
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