Altron concludes sale of ATM unit to NCR
Johannesburg Stock Exchange-listed tech services firm Altron has completed the selling of its ATM business to NCR.
The deal, estimated to be $10 million, was concluded on Friday after receiving approvals in South Africa, Botswana and Eswatini, and Namibia.
The transaction was subject to regulatory approvals in countries the company had presence.
On Friday, Altron notified shareholders it had overcome the last hurdles which had delayed the transaction first announced in October 2022.
It said: “Shareholders are referred to the announcement published on 27 October 2022 advising the shareholders of the company’s disposal of its ATM Hardware and Support Business of Altron Managed Solutions and the various updates.
“Shareholders are advised that the suspensive condition for NCR to register for value added tax with the South African Revenue Services has been fulfilled and all other suspensive conditions relating to the transaction have either been fulfilled or waived.
“Accordingly, the transaction is now unconditional with the effective date being 1 July 2023.”
The sale ATM Hardware and Support Business to US software, consulting and technology company NCR Corporation comes six months Altron offloaded its Botswana and Mozambique units to Zimbabwean firm, Tano Digital.
Altron - led by Group chief executive Werner Kapp - retained presence in Botswana and Mozambique by delivering its solutions in these territories through a partnership operating model.