Etion Telecommunications (Pty) Ltd. entered into an agreement to acquire Etion Connect Proprietary Limited from Etion Limited (JSE:ETO) for ZAR 71.5 million on June 28, 2022. The transaction is conditional upon the boards of directors of Etion Connect and the Purchaser approving the transaction. the shareholder of Etion Connect has passed all the necessary resolutions to approve the Disposal, the Purchaser shall provide Etion Connect with written confirmation that all the conditions precedent relating to the loan funding of the Purchaser have been fulfilled, as required in order to satisfy the Purchase Consideration, Etion Connect shall provide to the Purchaser a letter from its funders and Etion Connect shall have obtained all necessary signed written consents and/or waivers required to assign all of Etion ConnectÆs rights and obligations under the certain third-party agreements to the Purchaser. As of March 31, 2022 net assets of Etion Connect was ZAR 78.3 million and net profit after tax of ZAR 32.5 million. PSG Capital (Pty) Limited acted as financial advisor to Etion Limited (JSE:ETO).
Etion Telecommunications (Pty) Ltd. completed the acquisition of Etion Connect Proprietary Limited from Etion Limited (JSE:ETO) on September 7, 2022.