Dimension Data, the duel listed IT company, has agreed on a cash offer of about R24-billion (£2.1-billion) for it’s entire share capital from the Japanese global telecommunications company, One Nippon Telegraph and Telephone Corporation (NTT).
Dimension Data was founded in South Africa as an IT services company and over the years has grown into a multinational, which has a duel listing on the London Stock Exchange (LSE) and the Johannesburg Securities Exchange (JSE). The primary listing is on the LSE.
The deal between Dimension Data and NTT has been unanimously recommended by both boards of directors and the share price of Dimension Date surged after news of the takeover.
NTT believes that this integration between NTT and Dimension Data will create a substantially expanded global business for corporate users. The strengths of NTT and Dimension Data complement each other in a fitting way.
Once the deal goes ahead, Dimension Data intends to file an application to cancel its listings on the London Stock Exchange and the JSE.
