Freedom4 reveals reverse takeover plans

2 Jul 2009

UK-based Freedom4 Group, the cash shell left following the disposal of Pipex’s internet hosting business, has unveiled plans for a reverse takeover involving two small British telecoms companies. Under the proposed deal Freedom4 has conditionally agreed to acquire Daisy Communications, an SME value added reseller which provides voice and data access, billing and wholesale managed services and has around 30,000 customers, as well as the assets of Vialtus, a mid-market managed solutions provider providing voice and data access, managed and complex hosting services, and core networks and hosting facilities to around more than 5,000 customers. It is understood that the enlarged unit will be renamed as Daisy Group, with plans to raise approximately GBP83 million (USD136.7 million) through a placing on the Alternative Investment Market (AIM). The new group is expected to have a market capitalisation of around GBP200 million, and is likely to have around GBP50 million set aside for acquisitions. Following the merger Daisy Group will focus on offering full telecom services including fixed line voice and high speed broadband to SMEs.

United Kingdom, Daisy Group