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Dimension Data Executives Are Said to Weigh Buyout From NTT
JOHANNESBURG (Capital Markets in Africa) – Senior managers at Dimension Data are considering a buyout of some of the South African IT services company’s operations from its owner, Nippon Telegraph & Telephone Corp., according to people familiar with the matter.
The executives are approaching lenders and investors to raise cash for a possible deal for Dimension’s Africa and Middle East operations, which could be valued at about $800 million, said the people, asking not to be identified because the deliberations are confidential.
A transaction could lead to a re-listing of Dimension, the people said. If the approach is successful, Dimension’s management would also take control of Internet Solutions, a Johannesburg-based provider of cloud hosting services, they said. The plans were first reported by TechCentral.
NTT is merging its various international technology businesses, including Dimension, under a new holding company to better serve global clients. This may encourage the former Japanese phone monopoly to agree to sell the Africa and Middle East operations, said the people.
NTT bought then London and Johannesburg-listed Dimension for 2.1 billion pounds ($2.78 billion) in 2010 as part of a breakneck global acquisition spree that also included an expansion into the U.S. Dimension focuses on IT consulting and technical and support services.
Source: Bloomberg Business News