Teraco buyout
Teraco Data Environments and international private equity firm Permira have announced that a company backed by the Permira funds has agreed to acquire 100% of the equity in Teraco in partnership with management.
Established in 2008 by Lex van Wyk and Tim Parsonson upon deregulation of the South African telecoms market, Teraco is the largest provider of carrier-neutral datacentre services in Sub-Saharan Africa.
The company operates three facilities serving more than 170 clients, including many blue chip companies, across five client hubs – telecoms, outsourcing, content, enterprise, and financial.
“The Permira funds’ investment will support the company’s growth plans, including the strengthening of its sales and marketing platform and its expansion into Sub-Saharan Africa,” Teraco said in a press statement.
“The management team is excited to welcome the Permira funds as a shareholder and we are optimistic about the opportunities provided by this new partnership moving forward,” said Teraco CEO Lex Van Wyk.
The transaction is subject to regulatory approval and customary closing conditions, and is expected to be completed in early 2015.
Upon closing, Permira’s Michail Zekkos will join Teraco’s board while Richard Sanders will serve as an observer to the board.
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