Adcorp Paxus bought for A$60m cash

Adcorp had reached agreement to acquire the entire issued capital of Paxus, an Australian market leader in the information technology (IT) contracting and recruitment industry, for A$60 million (R546m), the human capital management group said yesterday. Payment for the business would be made in cash to be funded by way of a fresh issue of 13 million Adcorp shares, which would be placed with South African financial institutions, as well as approximately R252m debt to be raised in the Australian capital markets. Paxus provides IT specialists on a contracting and permanent basis across a wide spectrum of IT functions, including business analysts, project managers, consultants, testers and desktop support. Adcorp closed 0.6 percent lower at R29.77. – Wiseman Khuzwayo

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