JOHANNESBURG Feb 13 (Reuters) – South Africa’s
competition regulator has approved the sale of equipment repair
firm Savcio Holdings to another company backed by its private
equity owner, a deal one source has said was worth up to $500
million.
Electrical equipment manufacturer Actom, which is about 35
percent-owned by private equity firm Actis, said in a statement
on Monday it had won regulatory approval to acquire Savcio.
Reuters first reported in June that Actis and Ethos Private
Equity were looking to sell their combined controlling stake in
Savcio, citing a person familiar with the matter.
General Electric, Siemens AG and Carlyle
were among the initial bidders for Savcio, the person
said. Savcio provides maintenance and repairs for rotating
electrical equipment and transformers in Africa.
(Reporting by David Dolan; Editing by Ed Cropley)
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