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January 28, 2008

Cornastone invests in ACI

Cornastone has acquired 25.01% of ACI South Africa, the local operation of the world's leading electronic payments systems company, ACI Worldwide, in a BEE transaction for an unspecified sum of cash. This will be settled over a period of time through a structured payment schedule.

The transaction has been enacted through the creation of a special purpose vehicle (SPV), ACI Worldwide Cornastone, to which ACI has sold its South African subsidiary. Cornastone acquires 25,01% of the SPV, with ACI retaining the balance.

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Posted by StaffWriter at January 28, 2008 1:48 PM