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01 Jul 2009
Lancashire-based telecoms VAR Daisy Communications is set to float on the alternative investment market (AIM) following its reverse acquisition of wireless broadband services provider the Freedom4 Group.
Freedom4 Group, formally known as Pipex, will change its name to the Daisy Group, after it acquires the VAR for £30m in cash and the issue of 63,750,000 consolidated ordinary shares valued at £51m.
In addition, Freedom4 also plans to acquire the assets of mid-market solutions provider Vialtus for £13m in cash and the issue of 36,250,000 consolidated ordinary shares, valued at £29m.
Further reading
Following completion, the enlarged group will be worth approximately £204m. The company has announced a proposed placing to raise £83m which it plans to use to fund future acquisitions.
Matthew Riley, chief executive of Daisy, will be appointed chief executive of the company.
The combined group aims to offer SME and mid-market customers a converged product set which will include access, hosting, voice, mobile and managed services.
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