Huge Group wraps up Centracell deal

AltX-listed telecommunications firm, the Huge Group, said on Tuesday that it had cleared the final hurdle for completion of the Centralcell purchase, after the Competition Commission approved the deal.

The Centracell deal was first announced in August, a week after the Huge Group's listing on the Johannesburg bourse.

The Huge Group's FD James Herbst said that the approval took "far longer" than what it expected, but that the company was delighted to be able to "finally put this transaction to bed".

The business of Centracell would be merged into subsidiary Huge Telecom, formerly TelePassport.

CEO Anton Potgieter said that, after the merger, Huge Telecom's monthly annuity revenue would exceed R47-million.

"Centracell gives Huge Telecom a critical mass which will translate into key benefits that include better service delivery, economies of scale, purchasing power and margin uplift," he stated.

The Huge Group is currently also awaiting Competition Commission approval for its acquisition of iTalk Cellular, which was announced in December.

By Creamer Media Reporter