The Competition Commission has approved JSE-listed technology and engineering group Reunert’s acquisition of management and technology consulting firm IQbusiness.
Reunert announced the planned acquisition of a 74.2% stake in IQbusiness – previously The IQ Business Group – on 9 March.
“The commission has recommended that the Competition Tribunal approve the proposed transaction … without conditions,” the Competition Commission said in a statement on Monday. It found that the deal will not impact competition negatively and does not raise substantial public interest concerns.
The value of the acquisition of the thousand-employee-strong IQbusiness, to be concluded through Reunert’s wholly owned Reunert ICT Holdings subsidiary, was not disclosed. IQbusiness has turnover of more than R1-billion/year, Reunert said.
Founded 25 years ago, IQbusiness, led by CEO Adam Craker, focuses on consulting and contracting in the financial services, retail, telecommunications and manufacturing sectors.
IQbusiness will form part of the Solutions and Systems Integration cluster of Reunert ICT following the conclusion of the transaction.
Rob Godlonton, who leads Reunert’s system integration business, +OneX, said previously that the acquisition of IQbusiness will “add meaningful scale to the Solutions and Systems Integration cluster in Reunert ICT”. – © 2023 NewsCentral Media