South African-headquartered technology services giant Dimension Data had concluded its R328m acquisition of East Africa’s AccessKenya Group, with all of the preconditions of the offer now satisfied.
Didata is expected to pay shareholders who accepted the offer on 6 September, at which point it will officially become the majority owner of the company.
When the offer closed on 15 August, Didata had received acceptances from shareholders representing 89% of AccessKenya’s shares in issue. The company is listed on the Nairobi Stock Exchange.
At an extraordinary general meeting of AccessKenya shareholders on Tuesday, 99,9% of shareholders voted in favour of delisting the company.
AccessKenya operates 430km of metropolitan fibre, connecting about 560 buildings in the main urban centres of Nairobi and Mombasa. It has a customer base of 6 000 corporate leased lines.
The company’s management team and employees wil now be integrated with those of Internet Solutions Kenya.
According to Geoffrey Gangla, MD of Pamoja Capital, which advised Didata on the deal, shareholders who have not yet accepted the offer still have time to do so.
“Obviously, it’s up to individuals to choose whether or not they wish to sell their shares,” he says. “However, shareholders need to be aware that if they do not accept the offer, their shares will no longer be tradeable on the Nairobi Stock Exchange once AccessKenya is delisted.” — (c) 2013 NewsCentral Media