The biggest deal in the South African IT industry came a step closer to fruition on Friday when 93% of the eligible shareholders in Alviva voted overwhelmingly in favour of a buyout of the group by Tham Investments and DY Investments 3.
In June last year, the consortium – which already holds an 18,6% shareholding – proposed to buy the remaining 81,4% of shares for R25 per share valuing the deal in the region of R2,4-billion.
It subsequently increased its share offer to R27.50 per share which, at a special general meeting on Friday, was accepted by the majority of the group’s shareholders.
“We are very pleased with the outcome and the result indicates that the shareholders that voted agree with the offer made,” says Pierre Spies, CEO of Alviva.
The group is now expected to de-list from the Johannesburg Stock Exchange, but Spies says it will still be “business as usual” for group companies which include a trio of the country’s biggest distributors – Axiz, Pinnacle and Tarsus Technologies.
“We strongly believe in a focused approach and we are comfortable with our go to market strategies,” Spies says. “We do not think any restructuring of the group is required and we are not considering any consolidation. All our companies will continue to be managed autonomously.
“So there are not going to be any dramatic changes in the group,” Spies adds. “It really is a case of business as usual.”