Dimension Data (DiData) has bought Worldwide African Investment Holdings` (WAIH`s) 51% stake in telecoms group Plessey for R120 million in cash.
The acquisition brings DiData`s interest in Plessey to 100%, as the group has held a 49% stake in the telecoms group since 1998.
A WAIH spokesman could not be reached before publication this morning. WAIH, established in 1994, is a black-owned and managed investment group.
DiData says in a statement issued this morning that the combination of Plessey and DiData`s skills and experience, together with Plessey`s African footprint, provides a strong market offering to the telecoms industry throughout the continent.
Plessey, which has undertaken projects in 19 African countries, has regional offices in eight countries and employs more than 250 people.
It had gross assets of R406.1 million on 31 March and recorded turnover of R890 million and pre-tax profit of R67.4 million for the year to March.
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