Nippon Telegraph and Telephone and Dimension Data on Monday said that they have agreed on the terms of NTT's cash offer for Dimension Data in a $3.3 billion deal to create a huge global IT services and solution provider.
Tokyo-based NTT on July 15 said it planned to acquire Dimension Data, a London-based solution provider with extensive business in the U.S. Dimension Data as of September 2009 had a yearly revenue of $4.0 billion and about 11,500 employees worldwide.
NTT on Monday said that it had received acceptance of the acquisition by over 93 percent of Dimension Data shares, and that all the regulatory conditions of the acquisition bid were satisfied or waived.
Dimension Data in the U.S. is based in New York, and has offices around the world.
The combination of NTT and Dimension Data creates a global powerhouse in the IT industry.
Next: Creating A Global IT Powerhouse