Datatec completes Comztek acquisition

Listed ICT group Datatec says it has completed the acquisition of Comztek Holdings.

The cash portion of the R88 million total consideration was settled by the payment of R48 million in cash funded from new loan finance (R27.4 million to Mustek; R20.6 million to the Management Sellers, including the contingent consideration of R8 million which became payable after Comztek met all required ebitda performance conditions).

Datatec said that the remaining portion of the consideration (R40 million) will be settled by the allotment of 752,606 new Datatec ordinary shares of ZAR0.01.

The Comztek business will be integrated with Westcon South Africa in an internal
reorganisation.

“Africa remains a key growth market for us and this deal significantly expands our footprint and offering into many new markets. As the continent continues to develop our solutions and services will play an important part in the rapid adoption of more advanced IT and telecoms infrastructure,” Jens Montanana, Datatec’s chief executive said in announcing the acquisition in November last year.

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Datatec completes Comztek acquisition