G-Connect management seeks to buy the business

15 September 2017

Mergers, Acquisitions and Financial Results

The managers of South Africa's WirelessG, trading under the brand G-Connect, has made an offer to buy the business, reports MyBroadband. WirelessG, which provides a variety of Wi-Fi services, successfully filed for businesses rescue in 2015. WirelessG, through its business rescue practitioner, told MyBroadband that since the company went into business rescue on 06 August 2015, it has traded reasonably well.

 

The management said it was mandated by the creditors to sell the business as part of the rescue but it has been unable to do so at a reasonable price. The managers have made an offer, which is being negotiated. No contracts have been signed as yet and no details have been finalised. It said business will continue as usual with operators and customers, and that once the details of an acquisition have been finalised, a formal announcement will be made.

Source: Telecompaper