JSE-listed multinational IT group Datatec has agreed to buy up the 2,6% of its subsidiary Westcon, which it does not own already, for US$14,2m.
The group says the transaction will be conducted through Westcon itself, which will buy back the remaining shares from minority shareholder the Routine Capital Group.
Westcon will pay $2,37m in cash and has obtained a loan note for the rest that will be paid back over five years starting the end of September next year.
The transaction is the latest in a string of acquisitions Datatec has made this year, albeit on a smaller scale.
At the beginning of the year, the group, headed by CEO Jens Montanana, bought Asia-Pacific’s Netstar Group for almost US$20m.
And in April, it acquired an Indian management consulting business called BDA Connect. Last week, Datatec announced it had bought security distributor Biodata.
Datatec also hopes to acquire South African distribution business Comztek. It has offered R97m to the distributor’s shareholders, which include Mustek. If the deal goes through, Datatec will integrate Comztek into its Westcon business. — Staff reporter, TechCentral