Competition Commission gives a go ahead to EOH's deal with the SEACOM group
EOH Holdings Limited (EOH), one of Africa's leading technology services companies, is pleased to announce that iOCO the information and communications technology (ICT) division of EOH, has received approval by the Competition Commission to conclude an agreement to divest of its Network Solutions (EOH-NS) and Hymax businesses to SEACOM which owns Africa's largest network of ICT infrastructure. As mentioned in a previous announcement around this deal, the proceeds from the sale, net of costs, will primarily be applied to reduce EOH debt further.
Said Stephen van Coller, EOH Group Chief Executive Officer, "We are extremely pleased that the Competition Commission has approved this deal with no conditions. The conclusion of this deal enables the EOH Group to continue on its journey of creating a fit-for-purpose capital structure. We are also excited for the many prospects that EOH-NS and Hymax can target as part of the SEACOM Group."
EOH will continue its business engagements with SEACOM and looks forward to unlocking opportunities for future collaboration. Existing customers will also not be impacted by this transition. EOH anticipates a positive outcome from this deal for its staff and customers, whereby EOH will continue to provide connectivity solutions and enhanced offerings with the backing of SEACOM, a recognised global brand.
EOH is one of Africa's largest technology services providers and has a wide range of solutions in Industry Consulting, IT Services, Software, Industrial Technologies and Business Process Outsourcing. The Group continues to be a market leader in its core ICT businesses which operates principally under the iOCO brand name. The nature of this business is systemic to both the public and private sector and is an integral technology partner for a number of South Africa's leading JSE-listed, blue-chip companies as well as key metros and government departments. It's other business, NEXTEC collaborates with world-leading technology providers to design, implement and manage intelligent value-adding infrastructure and people solutions that make a positive and lasting impact.
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