Datacom Group Ltd has announced the New Zealand Superannuation Fund (NZSF) will be purchasing the shareholding in Datacom currently held by New Zealand Post.
New Zealand Post has been a shareholder in Datacom since 1990 and until the approval of this one-off transaction has held 35% of Datacom’s ordinary shares.
Datacom Board Chairman John Holdsworth says, “We welcome New Zealand Superannuation Fund to the Datacom Group and the Datacom Board.
We’re a New Zealand owned technology services company and long term IT sector innovators and we look forward to a productive partnership with NZSF. We welcome the energy and in-market expertise that this organization will bring to our board and the wider Datacom Group.
We thank NZ Post for their long-standing commitment and acknowledge our ongoing, productive working relationships.”
Brian Roche, CEO of New Zealand Post, says, "New Zealand Post has enjoyed a long and successful partnership with Datacom. The divestment of our shareholding is driven by broader strategic demands of the New Zealand Post Group. We are a significant customer of Datacom and look forward to an on-going strong business relationship.”
New Zealand Post has enjoyed significant returns over this partnership of twenty two years that has seen the Datacom Group show a 10 year compound annual growth rate of 14% for revenue and 10% for profit.
John Holdsworth, “Datacom is a 47 year old business and we’ve maintained an unbroken track record of delivery and market share growth. This shareholder change signals an opportunity for our next phase of strategic advancement in the IT sector and across our Australasian geographies.”
The shareholding of Datacom’s major shareholder Evander Management Ltd, the family company of Chairman John Holdsworth, will remain unchanged.