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The sale of iBurst and Broadlink parent company WBS Holdings to technology company MultiSource has received final unconditional approval from the Competition Commission and ICASA.
This means that MultiSource has now completed the acquisition of WBS.
The current shareholders of MultiSource include consortiums led by Phumlani Moholi, former CTO of MTN, and the family interests of Paul Harris and Michael Jordaan, together with management. The future shareholding structure is being finalised but will include these parties as well as some new strategic ones.
Now that the acquisition is finalised, the MultiSource team will have the opportunity to participate at a more operational level with the WBS group and will collaborate on a strategy going forward.
Duncan Simpson-Craib has been appointed as group CEO, Phumlani Moholi as CEO of the network and Brandon Leigh, the founder on the new group, will head up group strategy and product development. Ravi Naidoo, the founder of Interactive Africa and Design Indaba, will become a shareholder and non-executive director and will guide the brand strategy.
The intention is to develop the existing businesses and network to leverage the valuable spectrum license that WBS holds. The technical and business telecommunications expertise that exists within MultiSource will strengthen the WBS team.