Africa Entertainment In The News

Metrofile to buy Kenyan records management company

JOHANNESBURG, December 11–  South Africa’s information management firm Metrofile said on Monday it had concluded a deal to acquire the entire issued share capital of Kenya’s G4S Secure Data Solutions, the largest records company in East Africa, for approximately R281.4 million.

 

“The transaction is a strategic move which will increase Metrofile’s footprint in Africa and provide it with an expanded international client base, strong management team and local expertise in the records management industry,” it said in a statement.

 

Metrofile said the deal was subject to conditions expected to be fulfilled on or before January 31, 2018, including approval from the Competition Authority of Kenya and the South African Reserve Bank .

 

The purchase would be settled in cash from Metrofile’s existing resources and a facility arranged for this purpose with Standard Bank.

 

“The Metrofile Board is considering a capital raise of up to R100 million by way of an underwritten rights issue to reduce the bank debt utilised to fund the purchase consideration,” the company said.

 

– African News Agency (ANA)

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