C&W confirms Energis rumours

25 Jul 2005

Richard Lapthorne, chairman of Cable & Wireless (C&W), has confirmed that his company is in discussions regarding a takeover of UK IT services and telecoms solutions provider Energis, but says that a deal is unlikely to be agreed before mid-August. 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, JP Morgan, RBS and Société Générale, which took over the business three years ago.

United Kingdom