Bidvest buys fleet manager Eqstra from enX
Bidvest Bank will settle the purchase price, and target company’s debt will be refinanced as part of the deal, the buyer says
Bidvest, the top 40 services and distribution group worth R65bn, is hoping to use its strong capital position to turn around the fortunes of Eqstra Fleet Management Logistics as it also looks to expand its own operations.
Bidvest said on Monday it had agreed to buy Eqstra Fleet Management and Logistics from enX in a deal worth R3.1bn. enX has been trying to sell Eqstra since October 2018, after its board decided it could do no more to enhance the operations of the company it had bought in 2016. ..