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AccessKenya To Be Acquired At Ksh 3.05 Billion By Dimension Data

Milcah Lukhanyu by Milcah Lukhanyu
8 years ago
in Business
7 min read
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ddheader-01Dimension Data  has  made an offer to wholly acquire Kenya’s Access Kenya for Ksh 14.00 per share of its 218 million shares listed at the Nairobi Stock Exchange.

Dimension Data will pay KES3.052 billion, a 42 percent above the closing price of KES9.85 on Friday 3 May 2013; a premium over the volume weighted average price (VWAP) of AccessKenya’s shares of 55% for the 30 day VWAP, 105% for the 90 day VWAP, and 155% for the 250 day VWAP.

If the deal goes through, AccessKenya shareholders will be entitled to final dividends of KES0.30 per AccessKenya share proposed by the AccessKenya board in respect of the year ended 31 December 2012.

The 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, which was also the first ICT company to list on the Nairobi Securities Exchange, employs 340 staff, and provides predominantly connectivity-based data services to about 5,000 corporate customers in Kenya. These customers range from large multinationals, government agencies, NGOs, as well as a large cross section from industries across the economy.

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AccessKenya owns and operates a 400 kilometre Carrier Ethernet Fibre Optic Network in both Nairobi and Mombasa which connects over 500 commercial buildings. The company also operates two wireless networks which further extends coverage to 10 other towns around Kenya. In addition to offering a wholesale carrier services, AccessKenya also has a high-end consumer base. AccessKenya’s IT services arm focuses on value-added IT services including IT support, offsite backup and Disaster Recovery, email and security services, as well as other managed IT services into the customer’s Local Area Network (LAN).

The company has built a reputation based on high bandwidth speeds and value for money, high levels of network reliability and excellent customer service. In 2012, the company’s turnover was

KES1.9 billion with EBITDA of KES700 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, Dimension Data 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.

Dimension Data plc 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 Access Kenya. Internet Solutions is a leading network service provider in sub-Saharan Africa with investments in South Africa, Kenya, Mozambique, Nigeria and Ghana. The company has a network presence in a further 10 sub-Saharan African countries. Leveraging its 1,500 employees, Internet Solutions focuses on providing managed network and cloud-based services to a predominately corporate and multinational client base.

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Derek Wilcocks, Dimension Data’s Middle East and Africa CEO, says, “The acquisition of AccessKenya is in line with Dimension Data’s goal to pursue a strategy of expansion in sub-Saharan Africa. The growth opportunities and liberal and progressive ICT regulatory framework within Kenya make this market highly attractive for Dimension Data to establish an even stronger presence. IS Kenya and AccessKenya have worked together on mutual clients for some years. In addition, we have good relationships, and there is also a strong strategic fit between the businesses.”

The transaction is contingent on shareholder acceptance and various regulatory approvals.

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Milcah Lukhanyu

Milcah Lukhanyu

Milcah Lukhanyu covers daily news briefs at TechMoran. She is the person who will probably read your press release and get the story out of it or totally trash it. Send tips to [email protected]

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