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.<\/p>\n
Established in 2008 by Lex van Wyk and Tim Parsonson\u00a0upon deregulation of the South African telecoms market, Teraco is the largest provider of carrier-neutral datacentre services in Sub-Saharan Africa.<\/p>\n
The company operates three facilities serving more than 170 clients, including many blue chip companies, across five client hubs \u2013 telecoms, outsourcing, content, enterprise, and financial.<\/p>\n
\u201cThe Permira funds\u2019 investment will support the company\u2019s growth plans, including the strengthening of its sales and marketing platform and its expansion into Sub-Saharan Africa,\u201d Teraco said in a press statement.<\/p>\n
\u201cThe 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,\u201d said Teraco CEO Lex Van Wyk.<\/p>\n
The transaction is subject to regulatory approval and customary closing conditions, and is expected to be completed in early 2015.<\/p>\n
Upon closing, Permira\u2019s Michail Zekkos will join Teraco\u2019s board while Richard Sanders will serve as an observer to the board.<\/p>\n
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