DiverseIT Acquisition

Announced 05/12/09
12.00M for DiverseIT Technology (Proprietary) Limited


Management Members entered into a sale of shares agreement to acquire remaining 51% stake in DiverseIT Technology (Proprietary) Limited from UCS Group Ltd. (JSE: UCS) for approximately ZAR 11.7 million on May 12, 2009.

The consideration includes payment of ZAR 5 million in cash, 0.24 million shares of Argility Limited and 4.84 million shares of UCS Group.

The transaction is subject to UCS shareholders approval. UCS after buying the UCS Group shares, will apply for their cancellation to JSE Limited. KPMG Services (Proprietary) Limited and Deloitte Southern Africa acted as accountants, BJM Corporate Finance Pty Ltd. acted as financial advisor and Jowell Glyn & Marais acted as legal advisor for UCS.

Source: Business Week