AYO acquires Kathea Communication Solutions and Kathea Energy
CEO Howard Plaatjies: These transactions support the group's contribution towards SA's sustainability.
AYO Technology Solutions (AYO) has announced its intention to acquire a 100 percent shareholding in Kathea Communication Solutions and a 60 percent stake in Katea Energy.
Commenting on the transactions AYO CEO Howard Plaatjes said:
“AYO is looking to invest in disruptive technology that can add value to South Africa and assist the country in dealing with a future that includes smart living and smart working. South Africa is also heavily impacted by climate change and a lack of a reliable supply of energy. Clean and renewable energy has become an imperative, and demand will continue to grow as the planet’s resources are depleted, especially if we do not come up with the necessary solutions, now.”
He added that these transactions support the group’s thinking in regard to its own meaningful contribution towards South Africa’s people-planet sustainability.
CEO of Kathea Communications Peter Cowen said that AYO already has good exposure to the communication and collaboration space with a track record of providing good support to their investments. Because of this, Kathea looks forward to combining its highly regarded excellence in this sector with AYO’s well-funded strategic ambitions.
“With disruptions to working norms around the globe providing greater emphasis on remote collaboration and effective management of workspaces, Kathea Communication’s offerings have never been more relevant. Global trends combined with SA-specific challenges in power production, set the scene for high growth in the Kathea Energy business and it is for these reasons that both businesses look forward with confidence to complementing the AYO portfolio.”
A six-month exclusivity period has been agreed between the parties to conclude the transactions.