Business Connexion & Telkom merger still on track

Mergers, Acquisitions and Financial Results

Business Connexion (BCX) has revealed that Telkom has made an offer to acquire the entire share capital of BCX by way of a scheme of arrangement.

According to BCX, the Long-Stop Date has been extended from 31 March 2015, to 30 April 2015 in order to extend the time available for the completion of the regulatory approval processes.

BCX and Telkom are currently awaiting the following regulatory approvals:

- The Competition Commission of South Africa; and
- to the extent required, The Independent Communications Authority of South Africa (ICASA).

According to BCX, upon receipt of the above approvals, final approval will be sought from the Takeover Regulations Panel and the JSE.

Unconditional approvals have been obtained from the following regulatory bodies:

- The Namibian Competition Commission on 8 October 2014.
- The Tanzania Fair Competition Commission on 13 October 2014.
- The Competition Authority of Botswana on 4 November 2014.
- The Common Market for Eastern and Southern Africa (COMESA) Commission on 11 March 2015.

Isaac Mophatlane, Business Connexion Group Chief Executive Officer, stated that: “The acquisition of BCX by Telkom is still well on track.”

Source: ITNews Africa  1 April 2015