Integrated security company G4S International Holdings has entered into a definitive agreement to sell G4S Cash Solutions (SA) to Izi Africa, subject to customary regulatory approvals.
Izi Africa is an affiliate of established South African cash-in-transit and cash management company Izi Cash.
Since 1994, G4S has been a major investor in South Africa.
The company said in a January 13 media statement that it would continue to invest in and grow its security business G4S Secure Solutions and its payment technology business Deposita, both in South Africa and across Africa.
Moreover, G4S’s regional headquarters for Africa will continue to be based in South Africa.
G4S said it believes the transaction with Izi Africa will provide a sustainable future for the business and significant benefits for employees, customers and suppliers.
G4S is being advised on the transaction by law firm ENS and financial institution DG Capital. 