Internet Solutions to snap up MWEB

9 December 2016

Mergers, Acquisitions and Financial Results

Johannesburg - Local ICT company Internet Solutions (IS) has entered into an agreement to acquire internet service provider MWEB for an undisclosed amount.

IS made the announcement on Friday via its parent company Dimension Data.

The deal is still subject to approval by local competition authorities and shareholders.

MWEB is currently owned by MultiChoice South Africa, which is a subsidiary of JSE-listed Naspers.

“MWEB is one of South Africa’s largest consumer ISPs and this acquisition will immediately give Internet Solutions a presence in the large and rapidly growing consumer market,” said Internet Solutions managing director Saki Missaikos.

Derek Hershaw, CEO of MWEB, further welcomed the deal.

“For nearly 20 years MWEB has been connecting people and, like Internet Solutions, technology is at the core of our business,” said Hershaw.

“MWEB and Internet Solutions have been laying the foundations for a connected world for many years and we have a common vision of providing seamless connectivity for the consumer at home, on the move, in the office, and in public spaces,” Hershaw added.

Internet Solutions (IS), which is headquartered in South Africa, has operating offices in five African countries and sales offices in UK, Singapore and the US.

Meanwhile, MWEB was founded in 1997 and says it has approximately 325,000 customers.

Source: fin24 2 December 2016