Pinnacle Technology Holdings is to buy close to 30% of Datacentrix for R237-million.
The transaction is the result of an agreement with Co-ordinated Network Investments and Hoolican Investments in terms of which Pinnacle will acquire, in one indivisible transaction, 61 152 467 ordinary shares in Datacentrix Holdings in an off-market sale and purchase.
The shares represent approximately 29,79% of the issued ordinary share capital of Datacentrix.
Datacentrix focusses on the provision of managed services and business solutions. It was listed on the JSE in 1998 and is based in Midrand with regional offices in most of the major cities in the country.
The acquisition will provide Pinnacle the opportunity to grow its own revenue generation from the managed services and business solutions market sector within the ICT industry, which forms the significant majority of Datacentrix business as reported in Datacentrix financial results for the year ended 28 February 2013.
The purchase consideration for the acquired shares is 388 cents per share, or a cumulative total of R237 271 572, which is payable in cash.
The acquisition is fully funded out of existing cash resources and credit facilities.