C&W in talks to acquire Energis

18 Jul 2005

Cable & Wireless (C&W) is reportedly in discussions regarding a takeover of UK IT services and telecoms solutions provider Energis. According to the Financial Times, the two companies have been negotiating for several weeks and the terms of a transaction could be agreed by the end of September. JP Morgan and NM Rothschild are said to be representing the pair as they hammer out the finer points of a C&W takeover that could be worth as much as GBP700 million (USD1.22 billion). Energis generated GBP720 million in sales in its last fiscal year, but owes around GBP708 million to its creditor banks, including Barclays, Elliot, JP Morgan, RBS and Société Générale, which took over the business three years ago. Both C&W and Energis have yet to comment publicly on the mooted transaction.

United Kingdom