AccessKenya’s CEO to retain position after the takeover

Last Updated 13 years ago by Kenya Engineer

An Information Technology firm incorporated in the UK, Dimension Data Holdings Plc which is acquiring AccessKenya will retain Jonathan Somen as CEO for two years. Meanwhile, the company prepares to merge its local subsidiary with the IT Company.

The UK Company is eyeing a 100 percent stake in AccessKenya at the price of Sh14 a share.  At Sh14 a share, the price of Sh3.05 billion is Sh1 billion higher than AccessKenya’s market capitalization of Sh2.05 billion at the close of business on 3rd May.

Recently, the Government of Kenya approved to repeal the 20 percent local ownership tenet for AccessKenya. The approval followed a request from Dimension Data in early May this year to be exempted from that rule.

This move means the local IT firm could delist from the Nairobi Securities Exchange (NSE) as the UK firm seeks to achieve and then merge it with Internet Solutions. Internet Solutions, which is fully owned by the UK firm offers web design, web hosting and domain registration.

According to a source close to the transaction, Mr. Somen will run the amalgamation for two years and Dimension Data will compose the board- which includes Kenya Airways CEO, Titus Naikuni.
On Monday, the board of AccessKenya asked the shareholders to accept the takeover offer from the UK firm after Kestrel Capital (a stockbrokerage firm appointed to evaluate the deal) reviewed the arrangement.

Jonathan, Michael (Father) and David (Brother) Somen have agreed to the offer which guarantees them at least Sh1 billion accrued from their combined 30.26 percent wager.

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