MB Technologies co-founder Leo Baxter has sold his 45% stake in the IT distribution business to Investec Bank for an undisclosed sum.

The company says Baxter has decided to focus all his efforts on his medical recovery following a polo accident in 2007 which left him paralysed. The treatment has produced encouraging results and Baxter has regained some movement.

Baxter has also stepped down as chairman of MB Technologies, which is the country’s largest IT distributor.

“We welcome Investec as a shareholder and believe that their presence on our board of directors will add strategic value and strengthen our long-term growth strategy,” says MB Technologies CEO Glenn Fullerton.

Royal Bafokeng Holdings retains its 55% stake in the business and its chief financial officer, Lucas Ndala, will take over as nonexecutive chairman.

Baxter will retain a limited economic interest in the business through a profit-participation agreement. He will also remain on the board in a nonexecutive position.

Meanwhile, MB Technologies has been given the go ahead by the competition authorities to acquire the remaining shares of distribution business Ingram Micro.

Hansie Fourie, Ingram Micro’s MD, will be leave company, and MB Technologies says a new head will be announced soon. — Staff reporter, TechCentral