G4S Botswana concludes acquisition of FMG
by Jerry Bungu
G4S, the world's leading secure solutions group, has announced the successful acquisition of the Facilities Management Group (FMG) at a reduced cost of £979,300 (P12,139,263.77), the company announced in a circular statement this week.
G4S says the transaction reflects the fact that one of FMG’s companies was disposed of prior to the completion of the deal.
“The consideration paid, however, was reduced to £979,300 to reflect the fact that the security division of FMG was disposed of prior to completion,” the company said in the statement.
G4S is the world’s leading security solutions group, specialising in outsourcing of business processes in sectors where security and safety risks are considered a strategic threat. G4S is the largest employer quoted on the London Stock Exchange and has a secondary stock exchange listing in Copenhagen. It is also listed locally on the Botswana Stock Exchange.
G4S has operations in more than 125 countries and more than 657,000 employees.
FMG is a diversified group which is into chemical and cleaning services of major facilities in Botswana and sometimes acts as an estate agent and its fitting into G4S portfolio has always been questionable. However, the deal has been taken as a diversification move by the Botswana subsidiary of G4S to cushion the competitive security sector.
G4S Botswana boosted its income by the sale of its head-office property in 2010. The company made P15.9 million from the property and lease-back agreement.