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.