IT services juggernaut Dimension Data has been given the green light to take full ownership of Asian subsidiary, Datacraft Asia.
Datacraft shareholders have voted in favour of an offer by Dimension Data to purchase the remaining 44.9 percent stake it did not already own.
The total cost of the acquisition is about US$276 million (NZ$430 million) and will see Datacraft Asia become a wholly-owned subsidiary of Dimension Data Holdings, a $3.8 billion ($5.92 billion) global IT solutions and services provider.
The transaction is being done by way of a scheme of arrangement under Singapore law. Shareholders were offered US$1.33 a share, a 34 percent premium to Datacraft’s closing share price on Monday July 21, 2008.
The scheme still has to be approved by the Singapore court, after which Datacraft will be delisted from the Singapore Stock Exchange.
Datacraft New Zealand is a wholly owned subsidiary of Datacraft Asia.