AccessKenya AGM to look at Dimension Data offer
By Semaj Itosno, Nairobi, Kenya
AccessKenya will today hold its annual general meeting, at a time that a takeover bid from a South African firm is looming over the firm’s future. The firm, Dimension Data, has offered to acquire a 100% stake in AccessKenya. Insiders say the full acquisition values the company at sh3.05 billion.
In announcing the proposed acquisition, Derek Wilcocks, Dimension Data’s Middle East and Africa CEO, said: “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.