MERGERS, ACQUISITIONS AND FINANCIAL RESULTS
BUSINESS CONNEXION GETS GREENLIGHT FOR BIDVEST DEAL
Business Connexion has Competition Commission approval for the acquisition of Bidvest Network Solutions (Bidnet). The transaction will be effective from November. Business Connexion's acquisition will give the company a foothold in the R70 billion-a-year telecommunications industry and the ammunition it needs to achieve some ambitious growth targets in ICT.
Willem van Rensburg, Business Connexion's strategy executive and head of the new entity, says: “Bidnet provides us with the foundation for a next-generation network which will allow us to guarantee network performance and to add cost effective voice, data, video and broadcasting services to our existing integrated offering – a service that many of our existing clients require. “We will also introduce Bidnet clients (Bidvest Group companies) to an expanded ICT service offering,” he adds.
Meanwhile, management teams will now start the process of integrating the 87 employees from Bidnet into Business Connexion – a move embraced by Business Connexion as it will significantly boost the company's strategic telecommunications skills base.