{"id":13294,"date":"2012-05-22T17:52:57","date_gmt":"2012-05-22T15:52:57","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=13294"},"modified":"2012-05-23T11:45:56","modified_gmt":"2012-05-23T09:45:56","slug":"datatec-takes-ownership-of-westcon-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/it-services\/13294\/datatec-takes-ownership-of-westcon-africa\/","title":{"rendered":"Datatec takes ownership of Westcon Africa"},"content":{"rendered":"<p><a title=\"Datatec\" href=\"http:\/\/businesstech.co.za\/forum\/showthread.php\/2452-Datatec\">Datatec<\/a>, the information and communications technology (ICT) group, says that its 100% subsidiary, <a title=\"Westcon Group\" href=\"http:\/\/businesstech.co.za\/forum\/showthread.php\/2989-Westcon-Group\">Westcon Group<\/a>, has acquired the 33.1% interest in its African subsidiaries (Westcon Africa).<\/p>\n<p>This transaction does not apply to Westcon SA, which remains under the ownership of Datatec (74%) and its BEE partner, the <a title=\"MIC - Mineworker's Investment Company\" href=\"http:\/\/businesstech.co.za\/forum\/showthread.php\/2990-MIC-Mineworker%92s-Investment-Company\">Mineworkers Investment Corporation<\/a> (26%).<\/p>\n<p>The rationale for the Transaction is to achieve full ownership of the African businesses in the Westcon Group.<\/p>\n<p>The transaction has been effected by agreement with the two minority partners in Westcon Africa &#8211; namely International Technology Distributors F.Z. (15.9 % share of Westcon Africa) &#8211; with $2.45 million to be settled by the issue of Datatec shares and a deferred cash payment based on 15.9% of half of the increase in value of Westcon Africa from 31 August 2011 to 28 February 2013.<\/p>\n<p>The group has also settled with Mr &amp; Mrs Paul Moser (17.2% share of Westcon Africa) through $2.65 million to be settled by the issue of Datatec shares and a deferred cash payment based on 17.2% of half of the increase in value of Westcon Africa from 31 August 2011 to 28 February 2013.<\/p>\n<p>Datatec&#8217;s equity ownership of Westcon Africa will increase to 100% on 23 May.<\/p>\n<p>\u201cThe total additional consideration referred to above which is payable based on half the increase in valuation of the vendors&#8217; share of the Westcon Africa businesses from 31 August 2011 to 28 February 2013 is estimated to be $1.5 million based on an extrapolation of the growth of the business to date,\u201d Datatec said.<\/p>\n<p>As many as 900,142 ordinary Datatec ZAR0.01 shares are to be issued and listed pursuant to the transaction.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Datatec, the information and communications technology (ICT) group, says that its 100% subsidiary, Westcon Group, has acquired the 33.1% interest in its African subsidiaries (Westcon Africa).<\/p>\n","protected":false},"author":9,"featured_media":3167,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[25,765,767,2900],"class_list":["post-13294","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-it-services","tag-active","tag-datatec","tag-ict","tag-westcon-group"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/13294","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=13294"}],"version-history":[{"count":6,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/13294\/revisions"}],"predecessor-version":[{"id":13297,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/13294\/revisions\/13297"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/3167"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=13294"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=13294"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=13294"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}