(Agence Ecofin) – After receiving the agreement last October from the South African competition authority, investment firms New GX, Bopa Moruo Private Equity and a subsidiary of FirstRand acquire the subsidiaries of South African SkyNet in 6 countries, including 3 in Africa.
The South African financial services group FirstRand Bank through its private equity division, RMB Ventures, has partnered with two South African private investors, namely: New GX and Bopa Moruo Private Equity to acquire the activities of SkyNet SA in South Africa, Namibia, Mozambique, UK, Belgium and Germany. The amount of the transaction was not disclosed.
This transaction is the first phase of a multiple acquisition strategy that will result in the expansion of the courier and express parcel business in key areas around the world.
“The strong growth of e-commerce throughout the covid-19 pandemic has been the main driver of SkyNet’s acquisition strategy. […] We intend to be an extension of our clients’ growth plans in this new environment ”, said Tommy Erasmus, its managing director. And to add: ” While e-commerce remains our primary focus, our core strengths, technologies and skills are equally applicable to other industries. We are currently focusing on health care and secure services which are major verticals of the South African economy ”.
This acquisition received at the beginning of October, the approval of the Competition Tribunal, the South African competition authority. Now that it is effective, the SkyNet courier company will welcome these three investors in its tour de table.
“Our new shareholders are all big in their respective fields of activity. They will add a new dimension to the governing core of SkyNet ”, commented Mr. Erasmus. According to market research firm Business Research Company, covid-19 has significantly contributed to the growth of the courier and courier market which represents $ 542 billion. This market is expected to reach $ 824.9 billion in 2023.
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