Telecoms provider continues its corporate acquisition strategy with Alternative Networks being its latest target
Daisy Group has made a bid for rival Alternative Networks in a takeover worth approximately £165.3 million.
It will build upon Daisy’s recent acquisitions of Damovo and Phoneix IT in the managed services segment and strengthen its mobile and fixed line product and services offering.
Shares are pitched at about 335p-a-share, a premium of just under 20 per cent to Friday’s closing share price of 285p.
Alternative Networks provides a range of IT and telecoms services to corporate clients. The firm’s biggest investor Investec Asset Management will advise Alternative Networks on the takeover, with Rothschild.
Alternative Networks chairman James Murray said: “I am proud to have been part of this successful story since the company’s founding and I would like to thank all employees and staff for their tremendous contribution over the years”.
Daisy Group chief executive officer Neil Muller added: “This announcement builds upon Daisy’s successful acquisition strategy, to enable our customers to take advantage of digital technology in a converging world of business communications and IT.
“Alternative Networks is one of the largest independent providers of IT managed services and business-to-business communications in the UK and represents a strong and complementary strategic fit with the Daisy Group’s existing business and operations”.