Dimension Data Kenya ISP buyout approved
Dimension Data’s R355 million acquisition of Kenyan ISP, AccessKenya, has been approved by the service provider’s shareholders.
At a shareholder vote on Tuesday (20 August), 87.6% of AccessKenya’s shareholders were represented and passed the deal with 99.92% approval.
AccessKenya is a NSE-listed company, and was one of the first ISPs to launch in Kenya in 2000. The company employs 340 staff and provides data services to about 5,000 corporate clients.
In July, AccessKenya’s board of directors recommended that its shareholders accept Dimension Data’s R355 million (Ksh3 billion) takeover bid.
Dimension Data will pay AccessKenya shareholders R1.66 (Ksh14.00) per share for 218 million ordinary shares – a 42% premium on the AccessKenya share price of R1.16 (Ksh9.85) at close at the time of the announcement.
Following the process, AccessKenya will be delisted from the local stock exchange with immediate effect.
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