12 Feb South Africa: NEC raises stake in XON to 59.1%
NEC said it has increased its investment in XON Holdings Proprietary (XON), making it a subsidiary through NEC Europe. To expand in Africa, NEC took a 25 percent stake in XON in 2015, seeking to create synergy gains. NEC has now decided to increase its stake in the merged XON-NEC Africa business to 59.1 percent.
XON operates as a systems integrator throughout Sub-Saharan Africa and was established in 1996. It designs, builds, operates and manages information and communication technology (ICT) products specifically for customers.
NEC expects rapid growth in its Sub-Saharan Africa business, where a huge market exists for its safer cities, energy, cybersecurity and telecommunication services, amongst other things, it said.
NEC launched its operations in Africa in 1963 and has built telecommunication and broadcasting infrastructure there. In 2011, it established NEC Africa in South Africa, a company focused on growing NEC’s business in the Sub-Saharan region.