South Africa's Internet Solutions have announced that they have "entered into an agreement to acquire the business of MWEB Connect (Pty) Ltd" through its parent company Dimension Data (Pty) Ltd. The acquisition sum has not been disclosed and the transaction is subject to approval by the relevant Competition authorities in South Africa and by shareholders.
This agreement comes after Internet Solutions signed a transaction agreement to purchase MWEB ISP core network assets, MWEB Business and Optinet from Mweb Connect (Pty) Ltd in September 2014. With the deal in 2014, Internet Solutions used the acquisition to service the small and medium business market segment.
“MWEB is one of South Africa’s largest consumer ISPs and this acquisition will immediately give Internet Solutions a presence in the large and rapidly growing consumer market,”Saki Missaikos, Internet Solutions Managing Director
Having being founded in 1997, MWEB has grown to be counted among one of South Africa's largest consumer ISPs with approximately 325 000 customers.The retail consumer ISP is owned by MultiChoice South Africa Holdings Limited, which is a subsidiary of Naspers.
MWeb CEO, Derek Hershaw, said explained that for nearly 20 years MWEB has been connecting people and, like Internet Solutions, technology is at the core of their business.
"MWEB and Internet Solutions have been laying the foundations for a connected world for many years and we have a common vision of providing seamless connectivity for the consumer at home, on the move, in the office, and in public spaces." Derek Hershaw, CEO of Mweb
The new deal, if and once approved, will see Internet Solutions enter the retail consumer market and the transaction is expected to be completed in the first quarter 2017.
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