Fast-growing JSE-listed IT services group EOH has acquired Siemens IT Solutions and Services SA for an undisclosed amount of money.
The move is in line with Siemens AG’s objective of exiting the global IT services market, EOH says in a statement. The deal is still subject to regulatory approval.
According to EOH, Siemens conducted an “extensive process” to find the best partner to continue serving its SA client base and to look after its employees.
In terms of the agreement, EOH will take over all of the operations of the company, including all personnel.
EOH’s share price was trading up by 0,5% in early morning trade on Thursday. The counter has added nearly 75% in the past 12 months, pushing the group’s market capitalisation to R3,6bn. — (c) 2012 NewsCentral Media