The Competition Commission (CompCom) has approved Altron’s sale of its ATM Hardware and Support Business to US technology company NCR Corporation.
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 Altron and NCR sale of business agreement was capped at around R183 million ($10 million).
Yesterday, the anti-trust authority gave the transaction the green light, saying: “The commission has approved the proposed transaction, whereby Spark intends to acquire the target business (banking business of Altron Managed Solutions) with conditions.”
The primary acquiring firm − Spark ATM Systems − is controlled by NCR Corporation, says the commission.
In a statement, the CompCom adds: “The commission found the merger does not promote a greater spread of ownership as required by section 12A (3) (e) of the Act.
“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 (historically disadvantaged persons) or to workers.
“The merging parties have also made commitments in relation to skills, enterprise and supplier development.
“Considering the above, the commission found the merger does not raise any substantial public interest concerns.”
The approval of the NCR deal comes a few weeks after Altron sold its businesses in Botswana and Mozambique to Zimbabwe’s Tano Digital Solutions.
Altron told ITWeb earlier this month that offloading the Botswana and Mozambique units was part of a strategic decision by its board in June 2021, to divest from the rest of Africa markets through the disposal of its entire shareholding in operating countries.
The company, however, still has presence in Botswana and Mozambique, delivering its solutions in these territories through a partnership operating model.
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