South African services, trading, and distribution company Bidvest Group announced it will no longer buy the fleet management and car rental company Eqstra Fleet Management and Logistics.

The reason, Bidvest says, is that the two partners were waiting for the acquisition process to be finalized since the end of 2019 but until May 4, 2020, Prudential Authority, a financial services regulatory body, did not give its approval.

As a reminder, Bidvest bid for Eqstra in July 2019 for R3.1 billion ($167.3 million). The finalization of the process was subject to approval from Prudential Authority, the South African Competition Commission, and enX Group Limited, which is Eqstra’s parent company.

Chamberline Moko