FRIDAY, 11.00AM
PERSETEL and Q Data, two of SA’s biggest information technology companies, are to merge their operations in a R2-billion deal.
In terms of the deal, which will create SA’s biggest computer comapny with R12-billion market value, Persetel will buy all of Q Data’s businesses and merge them with Persetel Holdings, to form a new compoany called PQ Holdings. Q Data’s assets will be paid for through a rights issue of 60-million new Persetel shares which, at Thursday’s closing price of R34,95, valued the deal at over R2-billion. The new shares will be placed with Q Data shareholders, who will receive about 281 PQ Holdings shares for every 1 000 Q Data shares held.
The deal follows months of speculation following the resignation of Q Data chairman Piet den Boer in a palace coup. It is believed Den Boer was the last stumbling block to the merger.
The new company will be headed by Persetel chairman Roux Marnitz, while SA operations will fall under Q Data chairman Leen van der Bijl, and international divisions under Persetel offshore head Hermus Erasmus.