Daisy in £200m reverse takeover

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Lancashire-based B2B specialist Daisy Communications has been sold to AIM-listed boradband provider Freedom4 Group in a £206 million reverse takeover.

Freedom4 Group has purchased Daisy Communications for £81 million. At the same time, Freedom4 Group is to acquire voice and data reseller Vialtusfor £42 million and raise a further £83 million by way of a share placing.

The takeover is conditional upon Freedom4 shareholder approval.

The merged business will provide mobile, fixed line and broadband services to the SME market under the Daisy Communications brand.

Daisy Communications has in excess of 32,000 SME customers on its books.

Its founder and chief executive, Matthew Riley (pictured), takes almost £30 million in cash and £51 million in shares as part of the deal, and becomes chief executive of the enlarged Daisy Communications Group.

Law firm Eversheds advised Daisy Communications on the reverse takeover.

 

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