South African ICT company Datatec's subsidiary Logicalis and its Brazilian partner in Latin America, Promon, have agreed to changes in the ownership structure of PromonLogicalis Latin America Limited (PLLAL), Datatec said in a release.
Promon has now purchased an additional 10% of PLLAL from Logicalis for US$15mn, increasing its share of the business to 40%. As a result, Datatec's equity ownership of PLLAL through Logicalis will be reduced to 60%, effective August 31. At the same time, Promon has agreed to cancel its put option on its shareholding in PLLAL, the statement said.
According to Datatec CEO Jens Montanana, since Logicalis first partnered with Promon in May 2008 and formed PLLAL to develop its existing Latin American business, the partnership has gone from "strength to strength. We are delighted that Promon has committed to the long-term future of PLLAL by acquiring a further 10% interest in the business. We both see potential for further growth of our shared business in Latin America."