NTT offer for Dimension Data goes unconditional
NTT offer for Dimension Data goes unconditional
Dimension Data shareholders have voted overwhelmingly in favour of Nippon Telegraph and Telephone’s (NTT’s) £2.1 billion offer, with shareholders owning 93.42% of DiData shares accepting the deal. With the approval phase of the transaction now complete, Convergence Partners looks forward to an exciting new era for Dimension Data, especially in the fast growing African market.
Dimension Data said in mid-July that it had received a R24.2 billion buyout offer from NTT. Shareholders had until the close of trade [PUT IN DATE] to indicate whether they would accept the bid. The merger will create one of the world’s largest integrated telecoms and technology groups, speed up DiData’s growth strategies, and give NTT a platform to expand into markets outside of the Far East, including Africa and the Middle East.
“By leveraging the complementary strengths of both companies and by leveraging our synergies, we will provide global, high quality, end-to-end ICT services across the services lifecycle,” says NTT president and CEO Satoshi Miura. “Also, we strongly believe we will accelerate the execution of our strategies to achieve our shared vision.”
DiData chairman Jeremy Ord adds that the “acquisition process proceeded smoothly and we are excited to start charting the journey ahead”. CEO Brett Dawson is “eager to work closely with NTT to begin providing a mutual value proposition to our clients and developing new value that helps solve our clients’ IT and business challenges”.
NTT will now request DiData to proceed with cancelling its listings on both the London and Johannesburg stock exchanges.