Johnnic, SAIL Buy Into TicketWeb
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[01 February 2001] - Johnnic e-Ventures (JeV) will acquire 42.5% of TicketWeb, with sports brand investor South African Investments Pty. Ltd (SAIL) purchasing another 42.5%; the remaining 15% will be held by TicketWeb management. It has not been said how much money changed hands.
The deal is subject to Competitions Commission approval. Upon approval, it will be acquired by African Media Entertainment (AME); apparently TicketWeb required additional capital that AME was unable to provide.
The 2 acquiring companies stated they would direct ticketing activity from their various operations into TicketWeb. Amongst JeVs interests are NuMetro, while SAILs sporting interests include stakes in 8 of South Africas 14 professional Rugby companies.
TicketWeb uses software developed by TicketWeb USA, which was recently acquired by TicketMaster. Neil Jacobsohn, CEO of JeV, said that TicketWeb SA would pursue relations with TicketMaster.
This is the second venture that JeV and SAIL have entered into: last year the 2 acquired 30% of Sportal.co.za.