Business Connexion: Garnishee firm buys Q Link for R187m

Business Connexion had disposed of its Q Link business unit to privately owned Summit Garnishee Solutions as a going concern for R187.5 million in cash with effect from September 1, the JSE-listed company said yesterday. The consideration would be settled in full on the date that the last suspensive condition was fulfilled. The information technology services and solutions provider said Q Link was no longer core to its business strategy. Q Link provides a one-stop platform for a variety of collections, including bank debits and payroll deductions. The subsidiary had grown to the extent that its future vision and strategy required greater alignment with the financial services sector, Business Connexion said. The disposal is subject to certain conditions, including regulatory approval and funding by no later than the end of next month. The transaction did not require shareholder approval, the company said. The stock recovered to close 0.94 percent down at R5.25 on the JSE yesterday after declining to R5.08 a share in earlier trading. – Asha Speckman