South African-based Dimension Data Holdings PLC (Didata) has agreed to buy North Carolina-based systems integration company, Premier Systems Integrators LLC in a US$138 million cash deal, the companies announced Thursday.
The agreement, which is subject to normal regulatory approval, is to be finalized on April 1 by the boards of both companies, Didata and Premier Systems Integrators said in a statement.
Upon completion of the merger, Didata will make an initial cash payment of $114.5 million, paying the rest of the balance over an 18 month period, Didata and Premier Systems Integrators said. Premier Systems Integrators will take on the Didata brand name, the companies said.
Premier has annual historic revenues of $152 million and a net asset value of $21 million, and will give Didata a strong presence in Texas and the southeastern region of the U.S., Didata and Premier said.
Didata, which bills itself as a global network and i-commerce services company, counts Apple Computer Inc., IBM Global Services Corp. and Vodafone Group PLC among its customers, according to the company’s Web site.
Didata (DDT.LON), which trades on the London Stock Exchange, was down in early afternoon trading, with an asking price of 3.55 pounds ($5.13) per share, a loss of 0.03 pounds per share, or 0.84 percent, according to the London Stock Exchange Web site.
Premier Systems Integrators, in Charlotte, N.C., can be contacted at http://www.premier-systems.net/. Didata, in Epsom Downs, South Africa, can be contacted at http://www.didata.com.