Huge secures iTalk approval

AltX-listed Huge Group has received competition approval for its acquisition of 59% of iTalk Cellular, from the Bebinchand Seevnaryan Trust.

The deal is valued at R511 million. MTN owns the remaining 41% of iTalk.
 
In a statement this morning, Huge said the Competition Commission had noted that the transaction would create neither horizontal nor vertical competition issues.

Huge Group FD James Herbst commented: “We are delighted to be one step closer to completing this deal, which will be the most significant transaction by the Huge Group since our successful listing on the JSE last year. We can't wait to partner with MTN and get started with unlocking the value in iTalk.”

Earlier this week, the company announced the completion of another transaction, the purchase of a 25% stake in technology start-up Eyeballs Mobile Advertising. The company expects the two acquisitions to have a “synergistic fit”.

By: Staff Writer