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    Home»News»Altech empowers Netstar in deal with Thebe

    Altech empowers Netstar in deal with Thebe

    News By Editor14 December 2009
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    Craig Venter

    JSE-listed technology and telecommunications group Altech has concluded an empowerment deal which will effectively result in it selling 25% of its stake in vehicle tracking businesses Altech Netstar, Comtech and Altech Netstar Fleet Solutions to Thebe Investment Corporation and women’s group Identity Capital Partners.

    Altech Netstar provides stolen vehicle tracking and recovery services to subscribers in Southern Africa. Comtech and Fleet Solutions provide fleet management solutions in the same region.

    The transaction, which closed last Friday, will result in the creation of a wholly owned Altech subsidiary, Newco. Altech will dispose of its Netstar shares for about R1,5bn to Newco, settled by Newco issuing preference shares to Altech.

    Netstar will then acquire the business operations of Comtech and Fleet Solutions for about R200m, to be settled via inter-company loans.

    Following the completion of the restructuring, Altech will dispose of 25% plus one share in Newco to the two empowerment partners, who will pay for the shares through dividend flow from Netstar.

    “This is the second biggest operation in the Altech group,” says Altech CEO Craig Venter, pictured. “We are empowering some of our crown jewels.”  — Duncan McLeod, TechCentral

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