G4S has agreed to acquire Deposita Systems together with certain related intellectual property rights. Deposita is a South African company focused on cash devices and related cash-in-transit, cash processing and insurance for the retail sector.
The acquisition of Deposita is to be undertaken by G4S Cash Solutions (SA) (G4S), a provider of cash solutions in South Africa, from AFGRI Operations and Fox Business Trust. Upon completion, G4S will own 87% of the shares in Deposita and pay total consideration of R114 million post debt restructuring.
The acquisition of Deposita will significantly strengthen G4S’s position in the South African retail cash technology marketplace, which is forecast to grow rapidly over the next three years. It also provides G4S with:
* The best in-store device cash technology solution in the South African market.
* Differentiation, via the addition of these services, to the existing G4S cash solutions offering.
* Opportunities to export this technology solution into other G4S African countries, including Botswana, Malawi, Kenya and Namibia.
* Synergies through insourcing cash-in-transit, cash processing and insurance services which are currently outsourced to third parties.
Wessel Oosthuizen (CEO) and the remainder of the management team will remain with the business following the acquisition, reporting to Albert Erasmus, the MD of G4S Cash Solutions (SA).
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