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September 23, 2009
Erbacon buys Civcon for R267m, announces BEE deal
AltX-listed construction company Erbacon Investment Holdings has acquired Gauteng civil engineering company Civcontract Civils (Civcon) for R267-million, while simultaneously entering into a black economic-empowerment (BEE) deal with a black-owned private equity company.
KwaZulu-Natal-based Erbacon would pay an initial R95-million in cash to acquire the Gauteng business, while the balance of payment would be a phased issuing of Erbacon shares to the vendors of Civcon at an issue price of 168c a share.
Posted by StaffWriter at September 23, 2009 11:12 AM