AYO Technology Solutions yesterday said it had acquired Italian Summer for R73 628 544 via its subsidiary, SGT Solutions Proprietary, which is jointly owned with African Equity Empowerment Investments.
Italian Summer supplies, installs and maintains power management and backup solutions and related equipment and products for commercial and industrial applications in a variety of sectors throughout Southern Africa.
SGT Solutions, 40 percent owned by AYO and 60 percent by AEEI, entered into a sale of shares and loan claim agreement with the trustees of SY Share Trust (seller), Italian Summer Holdings, its wholly-owned subsidiary Engineering Data Systems (South Africa Proprietary) and Steven Yap, sole director of the company and the trustee of the seller, on July 18.
AYO said the rationale was that potential synergies existed that would be beneficial to SGT and Italian Summer, and ultimately create a larger market share in the telecommunications sector through an increased value-add, as well as access to new potential customers.
The acquisition, with an effective date of July 29, was subject to certain conditions.
BUSINESS REPORT