Major tech buyout in South Africa

The transaction is subject to the fulfilment of conditions precedent which are targeted to close by end June 2025.

As a result, the group will be rebranded as Sentiv, derived from a blend of “sentient” and “intuitive”.

Altron Nexus is a communication and infrastructure group with over 55 years of history, having designed, built and managed secure communications networks across South Africa.

The company was founded in 1965, and has been housed within the Altron group for over four decades, working with 130 provincial business partners in South Africa.

The group has worked with police services and emergency responders and has experience in disaster management and industrial operations.

However, the group ran into significant stumbling blocks related to government contracts, with a particularly drawn out legal process attached to a tender with the City of Tshwane.

During the prior year, Altron decided to restructure Nexus.

The group ultimately concluded that the restructured Nexus business was no longer regarded as core to operations and its strategy, and actively explored opportunities to sell it.

Altron noted that, under the terms of the buyout, the acquirers will assume all intercompany related debt, while any potential recoveries from the City of Tshwane legal process will remain with Altron.

The buyout is not expected to result in any cash proceeds to the Group.

Issued on BusinessTech by Staff Member | https://businesstech.co.za/news/business/825503/major-tech-buyout-in-south-africa/