JOHANNESBURG - Diversified investment holding company AfroCentric said on Tuesday it had, via its subsidiary ACT Healthcare Assets, reached a deal to acquire 74 percent in health company Activo for R588 million.
AfroCentric acquired a 26 percent interest in Activo and a call option for a further 74 perent interest in 2015.
The group is invested in a number of healthcare services segments in both the public and private healthcare markets in South Africa, with expanding operations and related applications in wholesale pharmaceutical supply, national chronic medication distribution and disease management.
"The acquisition of absolute control of Activo is therefore consistent with AfroCentric’s growth objectives through expanding its activity and application in its pharmaceutical supply and its medication distribution network," it said.
The sellers are WAD, a 16 percent shareholder in and related party to AfroCentric, which holds a 51.6 percent interest in Activo and Claassen and Martin, who each hold an 11.2 percent interest in Activo.
AfroCentric said the effective date of the acquisition, subject to the timeous fulfilment of conditions, was expected to be January 1, 2019.