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Dimensions Data has made an open market offer to purchase the 218 million shares of the listed company for Sh14 per share, being a premium of 42 percent above the Sh9.85 closing price of Friday May 3/FILE

Kenya

Dimension Data in Sh3bn AccessKenya bid

Dimensions Data has made an open market offer to purchase the 218 million shares of the listed company for Sh14 per share, being a premium of 42 percent above the Sh9.85 closing price of Friday May 3/FILE

Dimensions Data has made an open market offer to purchase the 218 million shares of the listed company for Sh14 per share, being a premium of 42 percent above the Sh9.85 closing price of Friday May 3/FILE

NAIROBI, Kenya, May 6 – ICT services and solutions provider Dimension Data has made a Sh3.052 billion offer for the full acquisition of information technology firm AccessKenya.

Dimensions Data has made an open market offer to purchase the 218 million shares of the listed company for Sh14 per share, being a premium of 42 percent above the Sh9.85 closing price of Friday May 3.

Dimension is also offering AccessKenya shareholders a premium of over the volume weighted average price (VWAP) of AccessKenya’s shares of 55 percent for the 30 day VWAP, 105 percent for the 90 day VWAP, and 155 percent for the 250 day VWAP.

AccessKenya shareholders will be entitled to receive the final dividend of 30 cents per share proposed by the AccessKenya board in respect of the year ended December 31, 2012.

AccessKenya, which was the first ICT company to list on the Nairobi Securities Exchange, owns and operates a 400 kilometre Carrier Ethernet Fibre Optic Network in both Nairobi and Mombasa which connects over 500 commercial buildings.

AccessKenya Group was founded by brothers David and Jonathan Somen, and was one of the first ISPs to launch in Kenya in 2000. The company also operates two wireless networks which further extends coverage to 10 other towns around Kenya.

In 2012, the company’s turnover was Sh1.9 billion with EBITDA of Sh700 million.

Founded in 1983, Dimension Data operates in 51 countries across five continents including Asia, Australia, the Americas, Europe and Middle East & Africa.

With over 15,000 employees and a 30-year track record, Dimension Data applies its expertise in networking, converged communications, security, data centre solutions, Microsoft and contact centre technologies.

In 2010, the firm was acquired by the Japanese-based NTT Group, one of the largest global telecommunications operators in the world with annual revenues in excess of US$100 billion. Following the completion of the acquisition, Dimension Data plc was delisted from the London and Johannesburg Stock Exchanges.

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It currently operates in Kenya through subsidiaries Dimension Data Kenya, Internet Solutions Kenya, and Plessey Kenya and intends to merge its Internet Solutions Kenya business into AccessKenya.

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