Pinnacle Technology Holdings has acquired an additional 40% interest in Datanet, for R16,8-million.
Datanet distributes copper, fibre, wireless and related information and communications technology (ICT) network hardware and allied infrastructure. Pinnacle already owns 60% of Datanet.
The rationale for the acquisition is that Pinnacle wishes to re-engineer and reposition the business within the group in a manner that requires Datanet to be wholly-owned. The board believes that the re-engineering plans for the business will better realise Datanet’s potential, because its product range augment’s the group’s core business lines.
In terms of the agreement, the sellers will dispose of 40% of the issued ordinary share capital in Datanet held by them together with their loan accounts in Datanet to Pinnacle for the purchase price.