A transaction of this magnitude must go through the Competition Commission, a regulatory body responsible for the investigation, control, evaluation and approval business sales and mergers. The process is a lengthy one, as every detail of the transaction must be disclosed according to a strict timeline. In order to protect shareholder interests, information to the public is limited and permission must be granted by the Competition Commission for this to be released.
In the latest SENS announcement, released in September, Altech Autopage was able to disclose that agreements with all three networks: Cell C, MTN and Vodacom have been concluded and that each network will purchase the relevant subscriber base from Autopage. The transactions are at the Competition Commission for adjudication.
Boyd Chislett, MD of Altech Autopage, assures customers that it's business as usual. "New contracts may be taken out and existing ones renewed on any of the networks. Our retail stores, customer services and call centre teams continue to assist our customers on a daily basis." A project team is working hard to ensure a smooth transition for Altech Autopage customers, should the transaction be approved by the Competition Commission.