TOKYO & MIDRAND, South Africa.-Friday, February 9th 2018 [ AETOS Wire ]
(BUSINESS WIRE)-- NEC Corporation (NEC) (TOKYO: 6701) today announced an increase in investment in XON Holdings Proprietary Limited (XON), an ICT solutions company based in the Republic of South Africa, making it a subsidiary through NEC Europe Ltd.
XON, a Systems Integrator throughout Sub-Saharan Africa established in 1996, designs, builds, operates, and manages information and communication technology (ICT) solutions created specifically for customers.
In a bid to expand its business in Africa, NEC made an investment in 2015 in XON that saw NEC take up a 25% stake in XON to unlock synergies between NEC’s African operation and XON. Following the successful synergies and value created through the first transaction, NEC decided to increase its investment in XON in a second transaction that sees NEC increase its stake in the merged XON-NEC Africa business to 59.
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