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Electronics and electrical engineering company, Reunert, confirmed that the South African competition authorities yesterday unconditionally approved the acquisition of ECN Telecommunications (Pty) Ltd ("ECN") by Reunert.
The purchase price of R180 million is subject to a financial audit, and the final price is estimated to be in the range of between R170 to R190 million.
John Holdsworth, CEO of ECN said:
"The acquisition will enable ECN to aggressively grow its market share in the rapidly converging R60 billion a year business fixed line telecommunications sector. It will also provide significant value and benefit to existing Nashua customers as a result of the enhanced and complementary product offerings and development focused on converged voice and data and fixed and mobile solutions.&rdquo
Reunert's CEO Nick Wentzel said:
"We are very pleased with the progress that the Nashua group is making to offer total solutions comprising office automation, telecommunications and information technology to its business customers. The approval by the competition authorities will provide significant impetus to this process.&rdquo
Andy Baker, the CEO of the Nashua group said:
"We are delighted that the competition authorities have approved the acquisition of ECN without conditions, and are excited about the opportunities that this addition to the Nashua group will bring. ECN is the market leader in the VoIP environment, and our ability to offer fully converged communications solutions has now been greatly enhanced."
For more information contact
Carina de Klerk
011 517 9000
carina@reunert.co.za
