Technology firm EOH said yesterday that it had entered into a share purchase agreement for the sale of Sybrin to a consortium group for R334 million as it deleverages its balance sheet, continues to stabilise the business and pare off non-core assets. Photo: File
Jun 9, 2021
EOH has entered into a share purchase agreement for the sale of Sybrin to a consortium group comprising of One Thousand & One Voices Management (Mauritius) (1K1V) and Crossfin Technology Holdings (CFTH) and their black economic empowerment partners led by Isaac Mophatlane, (together the Consortium) for a cash consideration of R334-million.
The Base Purchase Price, after adjusting for net debt, non-operating assets and working capital, equates to an enterprise value (EV) of R410-million implying an EV/normalised EBITDA multiple of 5,3x on Sybrin’s 31 July 2020 normalised EBITDA of R78-million.
1K1V is a private equity fund backed exclusively by industry-leading families from around the globe while CFTH is an investment holding company that offers investors a blended exposure to technology investments in Fintech. Established in 1991, Sybrin provides bespoke solutions to the banking, financial services and insurance sectors as well as central governments. Utilising its