![\"\"](\"http:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2012\/09\/Andile-Ncaba.jpg\" "\\"Andile")
<\/a>Andile Ncaba<\/p><\/div>\n
In 2004, the BEE Consortium held a 25.01% equity stake in Dimension Data South Africa – now Dimension Data Middle East & Africa (DMEA) – valued at R380 million.<\/p>\n The transaction was substantially vendor-financed on a notional basis.<\/p>\n At the time, the consortium comprised of Ngcaba Holdings (now a subsidiary of Convergence Partners); Safika Holdings; a group of broad-based BEE participants; as well as nine broad-based groups.<\/p>\n In December 2010, when Safika exited the consortium, Convergence Partners acquired 50.01% of Safika\u2019s 5% shareholding, with Dimension Data acquiring the balance. Jeremy Ord, chairman of Dimension Data Holdings, said: “When the transaction was signed over seven eight years ago, the vendor-financed structure was extremely innovative in that it enabled the consortium to earn equity in the company.”<\/p>\n “In value creation terms, this is one of the most successful BEE transactions in South Africa across all sectors,” he continued.<\/p>\n Speaking on Convergence Partners’ relationship with Dimension Data, Ncaba said that the company remains an important investment in the Convergence Partners portfolio.<\/p>\n “Our shared vision for DDMEA is to grow its capability and presence on the African continent and adapting to the rapidly changing technology sector, built on its significant capabilities in the cloud, video, and Internet environment we are entering,” he finished.<\/p>\n Related articles<\/strong><\/p>\n Top rated BEE business leaders named<\/strong><\/a><\/p>\n Davies warns of stricter BEE codes<\/strong><\/a><\/p>\n Convergence Partners launches $500m ICT fund<\/strong><\/a><\/p>\n The shifting broadband landscape in Africa<\/strong><\/a><\/p>\n
\nConsortium structure<\/strong><\/p>\n
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\nClose of the deal<\/strong><\/p>\n