Reunert, IQbusiness deal receives seal of approval
The Competition Commission has approved Reunert’s acquisition of IQbusiness.
This comes after Reunert in March announced its plans to acquire a 74.2% stake in the local technology consultancy firm for an undisclosed amount.
The transaction is done through the JSE-listed firm’s wholly-owned subsidiary Reunert ICT.
In a statement issued yesterday, the commission says it has recommended the Competition Tribunal approve the proposed transaction without conditions.
“The commission found that the proposed transaction is unlikely to result in substantial prevention or lessening of competition in any relevant markets,” it says. “The commission further found the proposed transaction does not raise substantial public interest concerns.”
Reunert manages a portfolio of businesses in various sectors, including electrical engineering, ICT, applied electronics and other related fields. Of relevance to this transaction are Reunert’s activities in the ICT sector, specifically in relation to IT consulting and IT software development services.
IQbusiness was founded in South Africa in 1998, as an independent management and technology consultancy firm, by a group of individuals from global consulting firms.
Its main activity relates to IT consulting and IT software development services, helping clients from all sectors to overcome their digital transformation challenges through the use of data analytics and data insights.