JSE-listed technology and telecommunications group Altech is no longer in talks to buy Kenyan IT firm Symphony, it said in a statement on the JSE’s Sens news service on Wednesday.
“In response to speculation regarding Altech’s interest in unlisted … Sympony, shareholders are advised that Altech was in discussions with the Da Gama Rose Group, the 100% shareholders in Symphony,” it said. “Altech has informed [the group] that it will not progress further with the discussions.”
Reuters reported last month that Altech was in talks to buy Symphony in a deal that could have been worth as much as US$60m. An unnamed source told Reuters that Altech had been in talks with Symphony “for several months” and was “nearing the end of its due diligence”.
According to the wire service, Altech was likely to pay between $50m and $60m for the company, which also has operations in Uganda, Rwanda, Burundi and Ethiopia.
Altech is looking to turn around its troubled East African business, which is dragging down the group’s financial performance. CEO Craig Venter recently replaced the management team in the region, appointing Shahab Meshki as new CEO of subsidiary Kenya Data Networks. — Staff reporter, TechCentral
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