South Africa-based Dimension Data is set to acquire Kenyan internet service provider (ISP) AccessKenya for around KES3 billion (USD35.3 million), TechCentral reports. Dimension Data has made an open-market offer to purchase all of AccessKenya’s 218 million shares at a purchase price of KES14 per share, a premium of 42% over last Friday’s closing price on the Nairobi Securities Exchange. The transaction is contingent on shareholder acceptance and various regulatory approvals. AccessKenya was founded in 1995 by brothers David and Jonathan Somen under the name Communications Solutions Limited before being rebranded in 2000. The Somen family is thought to own around one-third of AccessKenya.
DiData Middle East & Africa CEO Derek Wilcocks commented: ‘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. Internet Solutions 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’.