/ 26 January 2001

DATATEC SELLS UUNET STAKE FOR $138.5M

SOUTH African information technology (IT) firm Datatec has sold its 76% stake in Internet Service Provider UUNET SA to US company WorldCom for $138.5m (about R1.05bn) in cash. The disposal remains subject to the approval of South Africa’s Competition Commission and the posting of a circular to shareholders. The proceeds will be used to reduce debt, fund various acquisitions and for the buy-back of Datatec shares.