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Cabletalk buying electronic security company

Cabletalk buying electronic security company

Cabletalk Group today announced that it has conditionally agreed to purchase the business assets of Auckland-based Fortlock Security Ltd, one of the largest privately-owned electronic security and surveillance systems companies in New Zealand.

Cabletalk managing director Peter Wilson says Fortlock has a history of profitable operation and will make a positive contribution to Cabletalk’s net profit for the balance of the current financial year and beyond.

He says the Fortlock and Cabletalk businesses share the same core competencies in terms of utilising call centre technologies to provide rapid technical support services to customers.

“Clearly there are many synergies between the two businesses and we will be able to provide the resource and back-up required for Fortlock to expand beyond the Auckland region through Cabletalk’s national network.

“We see electronic security as a fast-growing area of business and will be looking to expand in this area through a mixture of prospective growth and acquisition.”

He says Fortlock has around 25 staff and contractors.

“We see their rapid response ethic as being totally complementary to the service elements.”

The terms of the transaction are confidential for commercial reasons. Consideration is below the threshold required for shareholder approval. The conditional agreement provides for the acquisition to be effective from July 1, with settlement at a later date.

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