Internet Solutions agrees to buy MWeb Connect
Internet Solutions, a pan-African communications service provider, today announced that through its parent company, Dimension Data, it has entered an agreement to acquire the business of MWeb Connect for an undisclosed sum.
The transaction is subject to approval by the relevant competition authorities in SA and shareholders. If successful, the transaction is expected to be completed in the first quarter of next year.
MWeb was founded in 1997 and is one of the leading South African Internet service providers (ISPs). It has approximately 325 000 customers and is owned by MultiChoice, subsidiary of Naspers, a JSE-listed company.
Earlier this year, the ISP said it will close its retail stores across SA at the end of March, opting to move all of its sales online.
The company will provide "an improved and streamlined customer sales experience, starting with a new-look MWeb home page which will launch at the end of March
"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," says Internet Solutions Managing Director, Saki Missaikos.
"A truly digital world is dependent on quality connectivity. It is the building block upon which the promise of automated cars, 'smart homes', virtual offices, and Internet of things will achieve mass adoption. We believe that broadband has the power to reshape the world in which we live and work. It offers faster and more dynamic ways of doing business, and is playing a critical role in improving the provision of services for consumers across many sectors such education, health, transport, and social services to name a few," Missaikos says.
Derek Hershaw, CEO of MWeb says: "For nearly 20 years MWeb has been connecting people and, like Internet Solutions, technology is at the core of our 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. We believe that the full potential of technological advancements will be realised by ensuring that everyone has access to quality, affordable, secure, and reliable connectivity."