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Business Connexion sells Destiny stake

Johannesburg - Information and communications technology company Business Connexion Group [JSE:BCX] said on Wednesday it had entered into an agreement with VeriFone Singapore for the sale of its 70% stake in Destiny E-Commerce for R255m.

VeriFone Singapore is an indirect subsidiary of VeriFone System, an American public company listed on the New York Stock Exchange.

Earlier this month, Business Connexion concluded the acquisition of five companies from UCS Group, which included Destiny.

Destiny is a VeriFone International Partner for VeriFone payment systems in sub-Saharan Africa, and has sale and distribution rights for such terminals in the territory.

The group provides software for payment systems. VeriFone had looked to establish a business in Africa and had identified Destiny as part of its Africa strategy.

"Business Connexion is of the opinion that it is in Business Connexion's shareholders' best interest to dispose of Destiny, given that VeriFone is the sole the supplier of the payment devices represented by Destiny," it said.

 
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