Reunert Has Announced The Acquisition Of Etion Create
Reunert Has Announced The Acquisition Of Etion Create. Reunert has announced that it has acquired Etion Create in order to povie the group with design capability.
The company said in a statement, “Subsequent to the reporting date, the Group has concluded a sale of shares agreement with Etion Limited (Etion) for the purchase of Etion Create. The base for the purchase consideration is R168 million on a cash-free and debt-free basis, subject to certain agreed adjustments. The implementation of the transaction is subject to certain conditions precedent. Etion Create will be integrated into the AE segment and will provide the group with original design capability for the design integration and support of advanced technology in the market sectors of: mining and industrial; defence and aerospace; internet of things and sensors; and cyber security.”
Established Enterprise Etion Create is an Original Design Manufacturer (ODM) with a reputation for excellence in the design, development and manufacturing of an extensive range of electronic and digital products. Etion provides an advanced range of solutions for the domestic and international markets that are customised to meet specific client requirements and industry specifications. Etion Create, previously known as Parsec, is a subsidiary of Etion Ltd which also incorporates Etion Digitise, Etion Connect and Etion Secure.
In addition to this acquisition, the Group acquired all the shares held by SIBU Private Equity (Pty) Ltd in Terra Firma Solutions (Pty) Ltd for a purchase consideration of R20,9 million.” Reunert is an industrial group with a portfolio of businesses in its Electrical Engineering, ICT and Applied Electronics segments. It was founded in 1888 and listed on the JSE in 1948.
