Netstore sells up to 2e2

Six months after putting itself up for sale, security and managed services VAR Netstore has found a buyer in the shape of 2e2.

2e2 has tabled a £57m recommended cash offer of for the London-listed reseller, which counts Microsoft, Juniper and Symantec among its main allies. It is 2e2’s first acquisition since Compel in March 2007.

Netstore began inviting bidders in February after receiving several approaches from unnamed third parties (CRN, 25 February).

Netstore is carved into three division, and it was rumoured a possible break-up of the group was likely given their traditionally siloed nature. The reseller has spent recent months working to bring its Managed Services, Expert Services and Security Services units together under the OneNetstore banner.

Paul Barry-Walsh, Executive Chairman of Netstore said: "We are very pleased to be announcing this transaction today as I believe it represents a satisfactory conclusion of our strategic review on behalf of shareholders, customers and staff.

“The acquisition by 2e2 will accelerate our growth in a way we could not achieve independently. It offers our shareholders an attractive cash price and will enable our customers and employees to benefit from being part of a growing, dynamic, successful group."

Eric Priestley, non-executive chairman of the 2e2 Group said: "We are delighted to announce this transaction which brings together two strong and established names in the IT services industry and potentially creates a platform for further growth for the enlarged group.”