Daisy manages £6.3m takeover
Who?
Managed Communications, the Nottingham provider of data networks
Did what?
Has been bought by Lancashire’s Daisy Group in a deal that is worth approximately £6.3m.
What does this mean?
Matthew Riley, chief executive officer at Daisy, said: “Strategically, this is the right acquisition for us as we move forward into a data-rich and more converged world. We have strengthened our data offering, increased our range of services and will be able to provide our SME customers with more of what they want.”
Who advised?
Liberum Capital brokered the deal.
Insider comment:
The initial consideration of £6.3m is subject to adjustment once Managed Communications' EBIT and cash position at completion and churn in the six months following completion have been determined. Some £4.65m will be paid on completion, with a further amount - currently estimated at £1.66m - to be paid after six months, subject to finalised completion accounts.
