Japanese giant Nippon Telegraph and Telephone Corporation (‚NTT‚ ), one of the world’s largest telecommunications providers, and South Africa’s Dimension Data, yesterday announced that NTT’s intended acquisition of Dimension Data has been unconditionally approved.
One of the biggest deals in the history of the South African information and communications technology industry has been approved.
On July 15, 2010, NTT and Dimension Data announced that they reached an agreement on the terms of a cash offer to be made by NTT for the entire issued and to be issued ordinary share capital of Dimension Data for approximately GBP 2.1 billion.
On 12 August 2010, NTT and Dimension Data announced the publication of the Offer Document in connection with the recommended cash offer by NTT for the entire issued and to be issued share capital of Dimension Data.
At the time of publication of the Offer Document, the Offer was conditional upon a number of regulatory clearances. All these regulatory clearances have been received. NTT announces that, as at 12.00 p.m. (London time) on 11 October 2010, NTT had received valid acceptances in respect of 1,603,009,731 Dimension Data Shares, representing approximately 93.42 percent of the Dimension Data Shares to which the offer relates (based on 1,715,830,366 Dimension Data Shares in issue as at 11 October 2010).
NTT is pleased to announce therefore that all the conditions of the Offer have now been satisfied or waived and the offer has been declared wholly unconditional.
The deal gives NTT the biggest presence in South Africa by an Asian ICT organisation, and positions Dimension Data as a major player in the telecoms industry for the first time.