0
IT

Competition Commission approves Volaris takeover of Adapt IT

Wednesday 6 October 2021 | 10:59 CET | News
South Africa's Competition Commission has approved Canadian software company Volaris Group's offer to acquire Adapt IT. The CompCom said it found the proposed transaction is unlikely to result in a substantial prevention or lessening of competition in any relevant markets. It found there would be a dilution in ownership by historically disadvantaged persons (HDPs) at Adapt IT, and both companies had to agree to ensure that HDPs will have a degree of ownership in the company.

Thank you for visiting Telecompaper

Sign up below to get access to the rest of this article and all the telecom news you need.

  • Register free and gain access to even more articles from Telecompaper. Register here
  • Subscribe and get unlimited access to Telecompaper’s full coverage, with a customised choice of news, commentary, research and alerts.

Subscriptions

Already registered?



Categories: IT
Companies: AdaptIT
Countries: South Africa
::: add a comment

Add comment

Please login or register to leave a comment.

We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the Telecompaper website, they in no way represent the opinion of Telecompaper.


Related

AdaptIT to pursue acquisitions despite Volaris takeover

Published 01 Oct 2021 15:33 CET | South Africa
AdaptIT will continue its acquisition strategy after it is bought out by Volaris, ITWeb reported. Tiffany Dunsdon, new CEO of ...

Adapt IT FY revenue rises 1%

Published 28 Sep 2021 12:56 CET | South Africa
Adapt IT said its revenue increased by 1 percent to ZAR 1.50 billion for the financial year ended 30 June from ZAR 1.48 billion ...

Adapt IT CEO Shabalala resigns

Published 11 Aug 2021 14:42 CET | South Africa
Adapt IT said it has accepted the resignation of founder and CEO Sibusiso Shabalala from the software services company with ...

Volaris increases offer for Adapt IT

Published 07 Jun 2021 12:25 CET | South Africa
Volaris Group has announced an increase in its cash offer for Adapt IT from ZAR 6.50 to ZAR 7.00 per share for the scheme and the ...

Huge Group increases bid for Adapt IT by 65%

Published 31 May 2021 09:56 CET | South Africa
Telecoms company Huge Group has increased its offer for Adapt IT by 65 percent from ZAR 5.52 per share to ZAR 9.09. This is at ...

Adapt IT CEO takes 3-month leave of absence after allegations

Published 17 May 2021 12:44 CET | South Africa
South African company Adapt IT said CEO Sibusiso Shabalala has been granted a leave of absence for three months by its board "in ...