Pinnacle Technology Holdings will buy 100% of the issued share capital and shareholder loans of Tri Continental Distribution (Tricon).
According to a statement issued to the JSE, Tricon distributes internationally-recognised IBM and Lenovo notebooks, personal computers, printers and servers in SA.
"The acquisition of Tricon is considered strategic as it grants the group access to marketing channels, market segments and product sets not available to it previously," Pinnacle says in the statement.
"Although the transaction falls below the threshold of the categorisation of transactions which require disclosure in terms of the JSE`s listings requirements, the directors of Pinnacle have considered the strategic nature of the acquisition and deem it appropriate to inform shareholders of the transaction."
The deal is subject to various conditions precedent, including the approval of the Competition Commission, and should be completed by early next year, the company states.
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