Daisy blooms through acquisitions

5 Aug 2009

Daisy Group, the UK-based telco created last month after Freedom4 Group completed a reverse takeover process and subsequently listed the new company on the Alternative Investment Market (AIM), has announced the acquisition of two more British telecoms companies. According to the Financial Times, Daisy has purchased Yorkshire-based Eurotel Ltd for GBP13.5 million (USD22.9 million), also issuing 585,000 warrants exercisable at GBP0.855 a share as part of the acquisition. Daisy has also picked up AT Communication for a cash sum of GBP7 million, issuing 1.17 million warrants exercisable at the same price as those for Eurotel. The move comes after Daisy had said it planned further acquisitions in a bid to boost the range of services it offers. Matthew Riley, Daisy CEO, said of the deals that they were ‘the first steps for Daisy in executing its strategy to consolidate the fragmented reseller market and become a dominant force in the SME and mid-market arena’.

United Kingdom, Daisy Group