Cape Town - Stellar Capital Partners said on Wednesday that shareholders had agreed to the proposed sale of its 19.26 percent holding in Digicore Holdings to Novatel Wireless of the US for around R210 million ($15 million) in cash.
Digicore, which announced last month that it expected headline earnings per share to rise by at least 149 percent to 13.01 cents for the first half of the year, revealed in June that it was the subject of a $80 million buyout offer from Novatel.
Wednesday’s statement from Stellar Capital said it would receive R209.8 million for its shareholding in the South African vehicle tracking business, subject to certain conditions.
The company planned to use the proceeds of the deal, which is expected to close on or about October 19, to settle the R130 million cash portion of the acquisition of shares in Torre Industries, with the remainder earmarked for further investment.
ANA