Altron sells its Xerox agency to focus on its core ICT solutions, says CFO Nicholas Bofilatos
The sale, which is in line with the group’s new Altron 2.0 strategy, will be used to pay Altron’s debt.
Altron has sold its Xerox agency, Altron Document Solutions, to Xerotech, a subsidiary of Bi-Africa Investment Holdings, for R715 million.
“Altron is selling this business so we can focus on the core ICT solutions and services which are at the heart of our new Altron 2.0 strategy,” says Altron CFO Nicholas Bofilatos.
He explains that the money from the sale would be used to pay down Altron’s debt.
Altron has been looking to sell the unit for some time. In October 2021, the group said the disposal of the documents solutions and all of its Africa units was well under way as part of its strategy to run a leaner operation with reduced reliance on hardware.
The conclusion of the deal is subject to various conditions, including the signing of a distribution agreement between Xerotech and Xerox for South Africa and sub-Saharan Africa.