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Pinnacle -- Tricon acquisition
Pinnacle announced the acquisition of 100% of the issued share capital and shareholders loans of Tri Continental Distribution S.A. (Pty) Ltd ("Tricon"). Tricon distributes internationally recognized IBM and Lenovo notebooks, personal computers, printers and servers in South Africa. The acquisition of Tricon is considered strategic as it grants the group access to marketing channels, market segments and product sets not available to it previously. Although the transaction falls below the threshold of the categorization of transactions which require disclosure in terms of the JSE Ltd's Listings Requirements, the directors of Pinnacle have considered the strategic nature of the acquisition and deem it appropriate to inform shareholders of the transaction. The transaction is subject to various conditions precedent, including the approval of the Competition Commission, and should be completed by early next year.
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