Renaissance buys MagnumMac

New Zealand Apple computer distributer Renaissance Corporation is buying the largest local Apple reseller, MagnumMac, for $3.5 million.

The purchase, effective from July 1, is aimed at showcasing Apple technology and increasing the overall market in New Zealand. Owner Murray Wood will continue to run the business, which includes four stores and a fifth due to open in Auckland later this year.

MagnumMac has annual sales of around $28m, and earnings before interest and tax of $1m.

Payment will be two million Renaissance shares at $1 each, and the balance in cash.

Shares in Renaissance, which posted a record annual profit last year of $6.2m, were up 3c at 99c.

- NZPA