Telkom confirmed on 4 August that the Competition Tribunal had approved its acquisition of Business Connexion (BCX).
Telkom is acquiring the entire issued share capital of BCX, which will then delist from the JSE.
“We are very pleased that the Competition Tribunal has approved this acquisition, which will benefit both Telkom and BCX customers,” said Telkom CEO Sipho Maseko.
Maseko said that as a result of the transaction, Telkom will be able to grow beyond its core business of connectivity by expanding into ICT services, while reinforcing its connectivity offering and enhancing Telkom’s convergence strategy.
Final approval will now be sought from the Takeover Regulations Panel and the JSE. BCX said it expects the transaction to be concluded by 25 August.