Cabletalk buys electronic security company

Telecommunications firm Cabletalk said today it has conditionally agreed to buy Fortlock Security for an undisclosed sum.

Auckland-based Fortlock is one of the largest privately-owned electronic security and surveillance companies in the country.

Cabletalk managing director Peter Wilson said the purchase will have an immediate positive effect on the company's bottom line, and will provide synergies in using call centre technology to provide fast technical support to customers.

' '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."

Fortlock has around 25 staff and contractors.

Cabletalk said the conditions of the offer are confidential for commercial reasons. Consideration is below the threshold required for shareholder approval.

The company aims to complete the transaction by July 1.

Shares in Cabletalk closed yesterday at 75c.

- NZPA