Pinnacle Technology Holdings has acquired half of ITCM Channel Management`s shareholding in Explix Technologies, representing 15% of Explix`s total issued share capital.
Pinnacle is also acquiring 50% of ITCM`s claims against Explix for R3.17 million. The acquisition increases Pinnacle`s stake to 50%.
It will pay a maximum of R12.16 million for the acquisition, depending on a formula related to profit targets.
Explix, a value-added IT distribution company, operates through business units dedicated to specific market segments. These include Workgroup, Crew, Merchandise IT and Horizon.
Pinnacle says the deal will help it achieve its goal of being a fully diversified ICT group.
"Explix is a high growth company," it says. "The acquisition will unlock additional group synergies, adds to the number of agencies and assists in the development of new products, all of which will enhance Pinnacle`s offering to its clients."
The deal is subject to various conditions precedent, including shareholder and regulatory approval.
Share
