Daisy buys Redstone for £17m

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B2B specialist Daisy Communications has acquired Redstone Telecom, which includes the Redstone airtime distributor, for £17 million, just two weeks after acquiring AT Communications and Eurotel for a combined £20 million.

Daisy has conditionally agreed to acquire Redstone Telecom from parent company Redstone, which will now focus on delivering ICT services to mid-market and enterprise clients .

Redstone Telecom includes the assets of Redstone’s fixed line business and also its Symphony Holdings service provision business, trading as Redstone Mobile.

In the year ending 31 March 2009, Redstone Telecom generated unaudited revenue of £74.7 million and EBITDA of £4.6 million. The deal is expected to complete on August 28.

Daisy chairman Peter Dubens said: “The acquisition of Redstone is another step in pursuing our stated strategy of becoming one of the largest UK providers to the SME and mid-market of telecommunications services and solutions. Following our acquisitions of AT Communications and Eurotel, Daisy is now beginning to build some important scale.”

Daisy chief executive Matthew Riley said: “Daisy’s acquisition of Redstone Telecom further strengthens our position in the reseller market. This transaction is another step towards the group consolidating this fragmented sector and we will continue to pursue this strategy, building on our proposition of providing a truly converged product set to the SME and mid-market business customer.”

Daisy was also involved in an £81 million reverse takeover last month with broadband provider Freedom4 Group, which has been absorbed under the Daisy name.

 

 

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