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Cullinan buys Hylton Ross

Johannesburg - Cullinan Holdings (CUL) has agreed to acquire 100% of the issued share capital of touring and coach and vehicle hire group Hylton Ross for a total of R31m, subject to a number of conditions precedent, the company announced.

The purchase price comprises net assets of R16.65m and goodwill of R14.37m, and would be settled in cash. The effective date for the transaction is set for September 1 2006.

The acquisition is subject to the approval of the competition authorities and an agreement being concluded with CEO Claus Torweck, who would remain in his position, Cullinan added.

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