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Tracker buy-out worth $434-million
Private equity fund Actis has led a consortium that has concluded a management buy-out of Tracker in a deal worth $434-million or R3,9-billion.
The deal sees Actis acquiring 40% of vehicle tracking company, Tracker from Remgro, the Mineworkers Investment Company increasing its stake from 26,5% to 30% and FirstRand restructuring its 23% holding to include Rand Merchant Bank.
Tracker's management team has been allocated the 7% of remaining shares.
Business Report quotes Gareth Crocker, communications manager at Tracker as saying the transaction was effective from 3 October and all the necessary conditions had been fulfilled and approvals granted.
Since its establishment in 1996, Tracker says it has recovered 55 000 vehicles and made more than 10 000 arrests.
Natalie Kolbe of Actis says the total transaction was valued at R3,9-billion and that was not the value of the shareholding it had acquired. It will fund its portion of the deal through a combination of debt and equity.
Read the full article on www.iol.co.za.
Read the press release from Actis.
Read the press release from Tracker.
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