HKBN has entered into a share purchase agreement with JTH (BVI) regarding the latter’s entire equity interest in Jardine OneSolution Holdings (CI) and its subsidiaries Adura Hong Kong and Adura Cyber Security, for a cash consideration of $50 million.
The proposed acquisition of JOS will reinforce HKBN’s position in the system integration and connectivity space, expanding its presence in the enterprise solutions market post-integration with WTT.
This transaction will also provide substantial value creation opportunities through revenue synergies from scale efficiencies and cross-selling to both entities’ broad customer bases.
JOS has over 60 years of history and over 2,000 technology professionals across Asia, of whom 1,100 are in Hong Kong.
“Since the completion of our WTT combination (last April 30), we have met with around 100 of our top enterprise customers to learn about their opportunities and pain points,” ,” said Billy Yeung, co-owner and CEO for Enterprise Solutions at HKBN.
“By a mile, the most common desire was for a one-stop-shop ICT solutions partner, rather than separate IT, telecom and other vendors,” Yeung said. “As such, we listened and actioned accordingly with the acquisition of JOS, such that we are now positioned to offer a single point of contact to handle all our customer’s growing ICT needs.”
Eric van der Hoeven, CEO of JTH Group said it was the right time for these two businesses to become part of a technology-focused organisation with strong expertise and relationships in the technology services sector.
Expected to close by the fourth quarter this year, the transaction is subject to the approval of HKBN shareholders and the satisfaction of other conditions.