Jasco said in early September that it would buy out Spescom in a bid to create a R1 billion merged entity in the converged telecommunications space. Jasco will pay Spescom R11.8 million, and issue 31.9 million new shares in return for Spescom.
The deal has been sanctioned by the South Gauteng High Court, in Johannesburg. Before the bid can be wrapped up, the court order must be registered with the Companies and Intellectual Property Registration Office, and it needs to be approved by the Competition Commission.
Jasco turned over R559.3 million in the year to June and reported net profit of R24.8 million. Spescom reported revenue of R362.7 million in its latest reported figures for the financial year to September 2009. Net profit was R8.7 million.
At the time of the announcement of the deal, Jasco CEO Martin Lotz explained the main driver for the deal is the huge potential the companies see in the telecoms sector in Africa, because more broadband is becoming available as undersea cables land.
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Jasco bids for Spescom
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