South African incumbent Telkom has extended the long-stop date on its R2.67bn (US$257m) acquisition of local ICT provider Business Connexion (BCX) from 30 June to 31 August.
In a joint JSE filing, the companies said they had amended the date once…
South African incumbent Telkom has extended the long-stop date on its R2.67bn (US$257m) acquisition of local ICT provider Business Connexion (BCX) from 30 June to 31 August.
In a joint JSE filing, the companies said they had amended the date once again to accommodate a Competition Tribunal hearing scheduled to take place between 30 July and 7 August.
Assuming the tribunal and sector regulator ICASA allow the deal, the companies will seek final approval from the Takeover Panel.
Last month, they extended the long-stop date from 31 May to 30 June 2015.
In May, the Competition Commission approved the transaction with pricing caps on fibre and other services, relating back to a functional separation instituted by the watchdog in 2013.
The deal, agreed in May 2014, was initially expected to be finalised last October.
Telkom had tried to buy BCX seven years prior but ran into regulatory hurdles. The company said the new bid was part of its strategy to improve performance and expand into ICT services.
Telkom hired Absa Bank to advise it on the transaction, while BCX mandated Investec Bank and Standard Bank.
