The Johannesburg Stock Exchange (JSE) and the Takeover Regulation panel in South Africa have granted wireless telecommunication provider, Telkom, approval to acquire Business Connexion (BCX), an IT services group.

The process, which took a year to be approved due to regulatory bottlenecks, is said to be a $212,000,000 (R 2.7 billion) all-cash acquisition, according to a Techcentral report.

Telkom will round off the deal by September 1, 2015.

The report states that Telkom will pay BCX shareholders R6.60 in cash for every BCX ordinary share they held prior to the acquisition.

Telkom recently announced that its broadband digital subscriber line went north of a million users in June.

Image: Downdetector

Read this next
More From TC
Business, Entrepreneurship, Features, Healthcare, startups
30th January 2019

On Friday, January 25, 2019, our TC Townhall: The State of Healthtech in Nigeria, convened leading healthcare innovators, investors and public health stakeholders to discuss the challenges and opportunities in the sector. Here are some key highlights from the townhall:

Education, Funding, people, startups, Technology
11th February 2019

We’re documenting Nigerian initiatives increasing the number of women and girls in tech, and we need your help.

TechCabal is a Big Cabal Media brand

Copyright © 2019
All rights reserved

Privacy & Terms