JSE-listed ICT group Datatec has announced that its subsidiary Logicalis Group has agreed to acquire the European subsidiaries of 2e2, excluding the UK business, for \u20ac24 million ($31m) in cash.<\/p>\n
The consideration will be funded by a combination of cash and the issue of Datatec shares.<\/p>\n
Logicalis will acquire the business from the administrators of 2e2. In addition the UK operations of Logicalis have taken on certain business, together with approximately 70 employees, from the UK 2e2 companies currently in administration.<\/p>\n
The four separate businesses being acquired are in Spain, Ireland, the Netherlands and the Channel Islands:<\/p>\n
Together these businesses achieved unaudited revenues of approximately $150 million in the year ended 31 December 2012 with unaudited ebitda of more than $8 million. In total, over 500 employees from 2e2 operations will now be joining Logicalis.<\/p>\n
Jens Montanana, Datatec’s chief executive said:\u00a0\u201cThis acquisition of these four businesses immediately expands Logicalis\u2019 European footprint and enables us to improve our offering to Logicalis\u2019 multi-national and Latin American clients.<\/p>\n
“They also open service opportunities in new customer markets which can be developed across the Logicalis group. We are also pleased to welcome the new employees to the group.\u201d<\/p>\n
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