Fin24

Altech drops bid for Kenyan IT firm

2011-11-09 10:11

Johannesburg - South Africa’s Allied Technologies [JSE:ALT] said on Wednesday it is no longer in talks to acquire unlisted Kenyan IT firm Symphony, a deal Reuters previously reported could be worth up to $60m.

Altech, a $742m telecoms and IT firm, had been in talks to acquire Symphony and was nearing the end of its due diligence, Reuters reported last week, citing a person familiar with the matter.

“Altech was in discussions with the Da Gama Rose Group, the 100% shareholders in Symphony, an unlisted Kenyan IT firm. Altech has informed the Da Gama Rose Group that it will not progress with further discussions,” Altech said in a statement.

The company did not give a reason why the talks had been dropped. The Da Gama Rose Group is led by prominent Kenyan businessman Horatius da Gama Rose.

Shares in Altech were little changed at R52.75, in line with the broader JSE All Share [JSE:J203] index.