Bidvest to buy Cannon Asset Managers

Bidvest Group unit to acquire Cannon Asset Managers for an undisclosed sum

In its third acquisition in six months, the financial services unit of Bidvest Group has agreed to buy South African money manager Cannon Asset Managers from Citadel Wealth Management. The other acquisitions the conglomerate has made recently include the buying of FinGlobal and First Data Holding Inc.’s South African merchant services operation.

Japie van Niekerk (pictured), MD of Bidvest Financial Services and Bidvest Bank, said in a statement:

“Our acquisition of Cannon is a key building block in the expansion of our financial services business. We see a good strategic fit in combining our businesses.”

The value of the deal has not yet been disclosed.