Business Connexion in UK acquisition deal
Business Connexion has entered into a business for share agreement, and a sale of shares agreement with UK firm NorthgateArinso, and its wholly owned subsidiary, Arinso.
In terms of the agreement, Business Connexion will sell its QDD (Data DynamiQue) business to Arinso for 49.96% stake in the group.
It will also acquire on loan account from NorthgateArinso 0.04% of the ordinary shares in Arinso in order to take a 50% holding in the group.
BCG is a listed ICT services provider, while Arinso forms part of the NorthgateArinso group, which is a human resources software and services provider.
“The merged businesses of QDD and Arinso will create an organisation that will deliver Human Capital Management Technologies and Services for local, multinational and public sector organisations across the African continent,” Business Connexion said by way of rationale for the deal.
“These technologies and services will cover the whole spectrum of HR and Payroll as well as Workforce and Security Management,” it said.
The merger between QDD and Arinso will provide current and future clients with a trusted service and solution partner who has an absolute focus on the Human Capital Management market, underpinned by BCG´s data centre capabilities and NorthgateArinso´s best practise global processes and global delivery centres.
BCX willl acquire on loan account from NorthgateArinso and NorthgateArinso shall sell to BCX 0.04% of the shares in Arinso for R67,500.
BCX and NorthgateArinso will exercise joint control over Arinso.
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