Bidvest has agreed to acquire Viamax Holdings, South African state-owned Transnet’s fleet-management and leasing business, for approximately ZAR1 billion.
Viamax operates around 7,000 vehicles through its subsidiaries – Viamax Fleet Management and Viamax Fleet Solutions.
The transaction is effective from March 31, and Viamax will be incorporated in Bidvest’s Bid Auto unit. However, the transaction will not be completed until all the required regulatory approvals have been received.
In June last year, Transnet also called for expressions of interest in respect of Freight Dynamics, which comprises four business units that provide short-haul, long-haul and cross-border road transportation services.
Transnet’s current restructuring process involves the disposal of non-core assets. This transaction follows the Transnet’s earlier exit from South African Airways, Metrorail, Transtel Telecomms and the Victoria & Alfred Waterfront.
Viamax operates around 7,000 vehicles through its subsidiaries – Viamax Fleet Management and Viamax Fleet Solutions.
The transaction is effective from March 31, and Viamax will be incorporated in Bidvest’s Bid Auto unit. However, the transaction will not be completed until all the required regulatory approvals have been received.
In June last year, Transnet also called for expressions of interest in respect of Freight Dynamics, which comprises four business units that provide short-haul, long-haul and cross-border road transportation services.
Transnet’s current restructuring process involves the disposal of non-core assets. This transaction follows the Transnet’s earlier exit from South African Airways, Metrorail, Transtel Telecomms and the Victoria & Alfred Waterfront.