Altech acquires three technology firms in East Africa
By: Walter Wafula
Allied Technologies has secured majority shares in three communication technology firms of Kenya's Sameer Group for US$85.2 million.
The South African-based firm will have a 51% controlling interest in Kenya Data Networks Limited (KDN), Swift Global (Kenya) Limited (Swift) and Kampala based Infocom Limited (Infocom).
KDN is the leading full service digital communications operator in Kenya. The firm offers access to its network at wholesale rates to internet service providers and large corporate customers. Swift is an internet service provider in Kenya and Tanzania while Infocom is an ISP company offering broadband internet, data carrier, VoIP and IT services in Uganda.
Altech will pay US$75 million for its 51% interest in KDN; Swift and lnfocom, US$10 million will be held in escrow, pending achievement of an agreed combined profit after taxation of the three, for the 12 months ending 31 December 2008.
In addition, US$20 million in new capital will be injected into the three — Altech will provide 51% and Sameer and its associates 49%.
“These acquisitions support our strategy of moving up the telecoms value chain, expanding our geographic presence in Africa and operating at technology's cutting edge,” says Craig Venter, CEO, Altech, now the leading broadband network operator in East and Central.
Outside of these acquisitions, Altech is pursuing other initiatives in its quest to become a prominent broadband network operator on the African continent.
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