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HKBN proposes acquisition of JOS to strengthen position in system integration.

BANKING AND CREDIT NEWS-August 26, 2019-HKBN proposes acquisition of JOS to strengthen position in system integration


Hong Kong-based investment holding company HKBN Ltd. (SEHK: 1310) it has announced it has entered into a share purchase agreement with systems integrator JTH (BVI) Limited to purchase JTH's entire equity interest in Jardine OneSolution Holdings (C.I.) Limited and its subsidiaries, Adura Hong Kong and Adura Cyber Security, USD 50m in cash, the company said.

JOS, an IT solutions provider and technology consultant in Asia, is highly complementary to HKBN business. The proposed acquisition of JOS will reinforce HKBN's position in the system integration and connectivity space, expanding its presence in the enterprise solutions market post-integration with WTT.

This transaction will also provide substantial value creation opportunities through revenue synergies from scale efficiencies and cross-selling to both entities' broad customer bases.

The transaction, expected to close by the fourth quarter 2019, is subject to the approval of HKBN shareholders and the satisfaction of other conditions.

HKBN Ltd. is an information and communications technology services provider in Hong Kong, offering a comprehensive range of premier ICT services to both the enterprise and residential markets, including broadband, data connectivity, managed Wi-Fi, mobile, voice communications, data centre facilities, business continuity services, information security, system integration and various cloud solutions.

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Publication:M2 Banking & Credit News (BCN)
Geographic Code:9HONG
Date:Aug 26, 2019
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