The Competition Tribunal has approved NTT's proposed R24.2 billion buyout of London- and Johannesburg-listed Dimension Data.
regulatory body.
Japan-based Nippon Telegraph and Telephone (NTT) Corporation has offered £2.1 billion to buy out the company, Dimension Data announced in July.
Shareholders have until 11 October to accept the offer, and so far, shareholders holding 79.7% have accepted the deal.
The tribunal - SA's highest competition authority - met yesterday to consider whether the deal could proceed, after the Competition Commission recommended that it be approved. The tribunal said yesterday that the transaction could go ahead without any conditions.
Last month, the buy-out was approved by South African finance minister Pravin Gordhan and the Exchange Control Department of the South African Reserve Bank. That approval followed antitrust clearance from the European Commission to go ahead with the offer a week earlier.
The deal will result in NTT owning all of Dimension Data and the company being de-listed from both the London and Johannesburg bourses.
However, the Financial Services Board is set to investigate unusual trading in shares in the few days leading up to the announcement.
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