TomTom buys remaining MapIT stake
11 June 2013 | Road Safety Highlights
Times Media Group (TMG) had sold its 51 percent stake in MAP Integration Technologies (MapIT) to TomTom Africa for R37.5 million, the listed company said on Friday.
Tom Tom already held 49 percent of MapIT. The deal will be settled in cash through TMG’s subsidiary, New Holland Publishing. The media group said the sale was part of its turnaround strategy, which specifies that it will exit non-core businesses.
MapIT features under the firm’s books division and provides navigation data and related navigational mapping services to navigation device suppliers in South Africa.
“The proceeds of the disposal will be used to reduce acquisition leverage with respect to future acquisitions aligned to TMG’s core business,” the group said.
MapIT paid a dividend of R11 million to shareholders prior to June 1. TMG shares were untraded at R17.60 on Friday. – Asha Speckman, BusinessReport
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