South African tech firm EOH to buy Aptronics in $13 million deal

Reuters News
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Posted: Apr 14, 2016 8:57 AM

JOHANNESBURG (Reuters) - South Africa's largest technology group EOH Holdings said on Thursday it plans to take over computer services firm Aptronics Propriety for 194 million rand ($13 million) in a bid to expand its services.

To fund the acquisition, EOH plans to pay 50 percent of the transaction in cash and the other half with its shares, the firm said in a statement.

EOH has been expanding through several acquisitions. In 2015 it bought GCT group of companies for 868 million rand and Mehleketo, which focuses in railway technology, for 205 million rand, the company said at the time.

The firm has set its sights on the rest of Africa and the Middle East to enhance its industrial technologies capability and its IT applications and consultancy businesses.

Shares in EOH were up to 0.4 percent to 149.57 rand by 1115 GMT (0715 EDT) following the announcement of the Aptronics buy.

(Reporting by Zimasa Mpemnyama; Editing by James Macharia)