Datatec completes NetStar buy

Johannesburg - Information and communications technology group Datatec [JSE:DTC] said on Monday that its acquisition of NetStar Group Holdings, announced on December 8, was completed on January 15 2010.

The consideration for the acquisition of NetStar will be settled by the allotment of 5.454 million new ordinary 0.01 shares as approved by shareholders at the general meeting held on December 23 2009.

Application has been made to the London Stock Exchange for the admission of these shares to the Alternative Investment Market, and to the JSE for the listing of these shares. Listing on both exchanges is expected to become effective on January 21.

Last week, at the release of Datatec's Interim Management Statement, the company said the $19.8m acquisition is expected to be an earnings-enhancing acquisition of an established independent provider of network integration and managed services across the Asia-Pacific region, and brings with it an excellent reputation.

- I-Net Bridge