Shareholders at Datacraft Asia had voted in favour of an offer by Dimension Data to purchase the remaining 44,9% stake that it does not already own.
When the transaction is completed, Datacraft Asia will be a wholly-owned subsidiary of Dimension Data Holdings.
In terms of the transaction, which was effected by way of a Scheme of Arrangement under Singapore law, shareholders were offered $1.33 a share – a 34% premium to Datacraft's closing share price of $0.99 cents on Monday 21 July 2008. The total cost of the acquisition is approximately $276-million, and is financed by cash, part of which was raised by an equity issuance.
The Scheme is still to be approved by the Singapore Court, and when that is done, Datacraft will be delisted from the Singapore Stock Exchange.
Dimension Data CEO Brett Dawson says: "We are delighted our offer has been accepted by Datacraft shareholders. Datacraft has been part of the Dimension Data family for 11 years and a strong alignment between the two companies already exists.
"Datacraft also has a strong competitive position in the key markets in Asia. We believe the company will continue to go from strength to strength, capture market opportunities and expand its footprint in the growing Asia Pacific market."
Datacraft CEO Bill Padfield adds: "Apart from offering tremendous benefits to our employees and clients, Datacraft's privatisation also positions us as a stronger force, given that we are wholly-owned by a global multinational group.
"In addition, we will be able to operate with greater flexibility and leverage opportunities internationally, which in turn will accelerate growth in key markets.
"Looking to the future, the transaction enhances Datacraft's operational effectiveness. We will be able to share group-wide resources and capitalise on the cashflows and capital structures of Dimension Data," Padfield adds.