TECHNOLOGY firm EOH said yesterday that it had entered into a share purchase agreement for the sale of Sybrin to a consortium group for R334 million as it deleverages its balance sheet, continues to stabilise the business and pare off non-core assets.
The consortium comprises One Thousand & One Voices Management (Mauritius) and Crossfin Technology and their black economic empowerment partners led by Isaac Mophatlane.
Sybrin specialises in developing, implementing and integrating end-to-end systems and solutions.
EOH said transaction represented a significant milestone in EOH’s deleveraging plan and the proceeds of the transaction, net of costs, would primarily be applied to reduce debt with the remainder utilised for working capital requirements.
EOH chief executive Stephen van Coller said, “EOH acquired Sybrin in 2013 as it was a great fit with the EOH strategy at the time, which included a stronger vertical focus and the opportunity for African expansion. We are excited for the new opportunities that this disposal brings for Sybrin.
“The sale of Sybrin is in line with EOH’s stated strategic goals of deleveraging the balance sheet as well as refining the business model. Over the past two years, EOH has been focused on establishing an appropriate capital structure.
“This transaction allows Sybrin to unlock its full potential and brings EOH a step further towards building the ’EOH of the Future’ by reorganising the group and strengthening EOH’s capital structure.” I [email protected]