RLO
RLO
RLO - Reunert Limited - Voluntary announcement: Competition authorities approve
Reunert`s purchase of ECN Telecommunications
REUNERT LIMITED
(Incorporated in the Republic of South Africa)
Registration Number: 1913/004355/06
ISIN: ZAE000057428
JSE Code: RLO
("Reunert")
VOLUNTARY ANNOUNCEMENT: COMPETITION AUTHORITIES APPROVE REUNERT`S PURCHASE OF
ECN TELECOMMUNICATIONS
Electronics and electrical engineering company, Reunert, confirmed that the
South African competition authorities yesterday unconditionally approved the
acquisition of ECN Telecommunications (Pty) Ltd ("ECN") by Reunert.
The purchase price of R180 million is subject to a financial audit, and the
final price is estimated to be in the range of between R170 to R190 million.
John Holdsworth, CEO of ECN said:
"The acquisition will enable ECN to aggressively grow its market share in the
rapidly converging R60 billion a year business fixed line telecommunications
sector. It will also provide significant value and benefit to existing Nashua
customers as a result of the enhanced and complementary product offerings and
development focused on converged voice and data and fixed and mobile solutions."
Reunert`s CEO Nick Wentzel said:
"We are very pleased with the progress that the Nashua group is making to offer
total solutions comprising office automation, telecommunications and information
technology to its business customers. The approval by the competition
authorities will provide significant impetus to this process."
Andy Baker, the CEO of the Nashua group said:
"We are delighted that the competition authorities have approved the acquisition
of ECN without conditions, and are excited about the opportunities that this
addition to the Nashua group will bring. ECN is the market leader in the VoIP
environment, and our ability to offer fully converged communications solutions
has now been greatly enhanced."
Sandton
9 June 2011
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 09/06/2011 12:18:01 Produced by the JSE SENS Department.
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