HIGH-TECH SALE
Datatec windfall for shareholders
Datatec would distribute about R5bn to shareholders after selling its information technology distribution and logistics business in the Americas and would use the rest of the sale proceeds for working capital and to pay off debt, CEO Jens Montanana said on Monday. Effective September 1, the group sold Westcon Americas and 10% of Westcon International to Synnex Corporation in a deal worth up to $830m. The transaction gives Datatec a larger bias towards Europe and emerging markets. Montanana said he and chief financial officer Ivan Dittrich had taken over the direct running of Westcon International, which was nearing the completion of a difficult multiyear "systems and processes redesign project". With direct management control, "we are taking a couple of layers out and shortening the decision-making cycle", he said. In October Datatec also sold a "noncore" business in the Netherlands — Logicalis SMC — for $42m. Montanana said the group had no immediate plans for further disposals or ...
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