Dicker Data shareholders approve $65.5m Express Data takeover

Vote results in landslide in favour of purchase

Dicker Data shareholders have rubber stamped the finance and purchase of competing distributor, Express Data.

RELATED: Dicker Data buys Express Data

A total of 121,481,742 shares were voted in favour of the $65.5 million buyout. Votes against amounted to 83,250, while 35,240 abstained.

The vote took place at a general meeting held on March 14 at Dicker Data's Kurnell office, which has recently been expanded to accommodate staff intake.

The distributor has taken on a $140m debt to fund the purchase. A credit line of $130m has been agreed to with Westpac Bank, which includes a $65.5m cash advance in the form of a bridging facility for a period of 18 days.

RELATED: yARN - Dicker's 'Something Big' rumbles into the channel

This was required as Express Data parent, Dimension Data (DiData), would not assist in facilitating the financial assistance of the Corporations Act.

Dicker Data also secured a loan of $10m from Investec to provide overhead during the integration period which will commence from April 1 at the completion of the takeover.

In the meantime, Express Data will continue to operate as normal.

2014 ARN Women in ICT Awards - Nominate Now!: Nominations have opened for WIICTA 2014 and will stay open until October 22. But don't be late, be among the first in and NOMINATE NOW!!!

Tags Dicker DatashareholdersExpress Dataacquisitiondistributorfinancebuyout

More about Dicker DataDimension DataExpress DataWestpacWestpacWestpac Bank

ARN Directory | Distributors relevant to this article

Comments

Comments are now closed

 

Latest News

03:26PM
Gigamon signs VARs to support new Arrow distribution partnership
02:45PM
Revel forms tech alliance with Deputy
02:07PM
Avnet clinches Lenovo global distribution deal
01:46PM
Steve Wozniak to teach at UTS
More News
21 Oct
NewLease & Red Hat Breakfast Briefing (Melbourne)
21 Oct
DCIM Solutions Architect
22 Oct
NewLease & Microsoft Technical Sessions
23 Oct
NewLease & Red Hat Breakfast Briefing (Sydney)
View all events