Dimension Data has received Competition Commission approval to sell a 60% stake in its investment company Britehouse to a black empowerment and investment company consortium.
The consortium comprises Convergence Partners Investments, Safika Holdings and VenFin.
The value of the transaction was not disclosed.
In October last year, DiData SA announced it had consolidated its Microsoft Applications, SAP Application Development Practices and Paracon Holdings investment into a new entity named the Britehouse Group.
At the time, the company intended to sell a 30% stake in that business to Convergence Partners, led by chairman Andile Ngcaba and Safika. VenFin was subsequently included as a financier in the transaction, bringing the consortium's total purchase stake to 60%, says DiData.
Dimension Data Holdings will retain Britehouse's remaining 40% shareholding.
In a notice to shareholders, DiData said the consolidated gross assets of 3fifteen and Pebbletree, as at the end of March 2007, was R38.5 million. Britehouse's share of Paracon's reported gross assets at the same date was R76 million.
VenFin's investment executive, Peter Liddiard, hints that Britehouse could seek further acquisitions.
"As an investor in Dimension Data, we have long been aware of and followed the underlying constituents of Britehouse and believe its offerings are in an important and growing sector of the IT market. In addition, strategic corporate activity could further bolster the Britehouse offerings," he says.
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