Erbacon buys Civcon, signs R113,2m BEE deal

November 6, 2009

JSE-listed plant hire services group Erbacon Investment Holdings on Friday reported that it has concluded a deal with AltX-listed company, Civcontract Civils, trading as Civcon Civil Engineering, and Medu Capital, in which Medu Capital as a black economic empowerment (BEE) partner was investing R113,2-million to acquire an initial equity interest of about 29,41% in Erbacon.

The Erbacon group, as part of the transaction, has purchased the entire issued share capital of Civcon for a consideration of R266,8-million to be settled, in part, in cash and, in part, by the issue of Erbacon shares.

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