File picture: Leon Nicholas

Johannesburg - The Competition Tribunal has approved Telkom’s purchase of Business Connexion (BCX), the two companies announced in a joint statement on Tuesday.

“We wish to inform shareholders of BCX and Telkom (“shareholders”) that the Competition Tribunal of South Africa has approved the acquisition by Telkom of the entire issued share capital of BCX with conditions, which conditions are acceptable to Telkom and BCX,” the companies said, without stating what the conditions were.

The companies further stated that the last remaining hurdle for the deal was the issuing of a compliance certificate by the Takeover Panel, which the companies said would be approached in due course.

The companies said once the certificate was issued, the call option on the deal, which was an undertaking to purchase shares at a specific price on or before a future date, would become unconditional and shareholders would be free to conclude the transaction.

ANA