Processing .....please wait.. 
The article has been forwarded.... 
New powerhouse in ICT sector in the making
By siliconindia
|
Friday, 16 July 2010, 01:47 IST
Tokyo: Nippon Telegraph and Telephone Corp (NTT) and Dimension Data Holdings reached an agreement on the terms of cash offer to be made by NTT for the entire issued and to be issued ordinary share capital of Dimension Data for approximately 2.1 billion pounds, unanimously recommended by both Boards of Directors.
Satoshi Miura, President and CEO NTT said about the acquisition, "By leveraging the complementary strengths of both companies, we are confident that we will provide end-to-end, global-one-stop and high quality ICT services. Dimension Data and NTT share the common vision to create new services and values to succeed in the coming age of cloud computing."
The offer price for each ordinary share in Dimension Data is expected to be 120 pence and the total acquisition price is expected to be approximately up to 2,120 million pounds. The funding for the acquisition will be done by a combination of existing cash resources and loan facilities arranged by the Bank of Tokyo-Mitsubishi UFJ.
Jeremy Ord, Executive Chairman, Dimension Data said, "We believe our alliance with NTT will now allow Dimension Data to accelerate the execution of our medium and long-term strategy at a rapid pace. NTT and Dimension Data have a shared vision of how the market will evolve. The combination of NTT's global resources and Dimension Data's system integrator capabilities is an extremely powerful combination."