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14 Aug 2009
Telecoms firm Daisy has tied up its third acquisition in 10 days after buying up the telecoms arm of integrator Redstone for £17m.
As predicted by CRN last week, Daisy sealed the deal for fixed line specialist Redstone Telecom today. Wholly owned subsidiary Symphony Holdings, which is predominantly made up of the unit's mobile service provider and distribution business, is also included in the deal.
The acquisition comes hot on the heels of Daisy's buy-out of VARs Eurotel and AT Communications last week and the deal is expected to go through two weeks from today.
Further reading
In the year to 31 March, Redstone Telecom posted unaudited revenue of £74.7m. The firm banked earnings before income tax, depreciation and amortisation of £4.6m, excluding Redstone's central costs.
Daisy chief executive Matthew Riley said: "Daisy’s acquisition of Redstone’s telecoms division 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.”
Riley claimed Daisy's flotation on the Alternative Investment Market last month had allowed them to move quickly when acquisition opportunities arose.
“Last month’s flotation provided us with the capital to be fleet of foot and react to any deals that we felt fitted in with the future strategy of the business," he added.
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