The Competition Commission has approved the acquisition by JSE-listed technology and engineering group Reunert of technology and management consulting firm IQbusiness.
Reunert announced the planned acquisition of a 74.2% stake in IQbusiness, formerly The IQ Business Group, on March 9.
“The commission has recommended that the Competition Tribunal approve the proposed transaction… without conditions,” the Competition Commission said in a statement on Monday. It found that the agreement will not adversely affect competition and does not raise substantive public interest concerns.
The value of the acquisition of 1,000-employee IQbusiness, which will be completed through Reunert ICT Holdings, a wholly owned subsidiary of Reunert, was not disclosed. IQbusiness has a turnover of more than R1 billion a year, Reunert said.
Founded 25 years ago, IQbusinessLed by CEO Adam Craker, it focuses on consulting and contracting in the financial services, retail, telecommunications and manufacturing sectors.
IQbusiness will be part of Reunert ICT’s Solutions and Systems Integration cluster after the transaction is concluded.
Rob Godlonton, who heads Reunert’s systems integration business +OneX, previously said the acquisition of IQbusiness “will add significant scale to the systems and solutions integration cluster at Reunert ICT.” – © 2023 Central Media News