UK telecoms tycoon Matthew Riley, who founded B2B telco Daisy Group back in 2001, has rejected the opportunity to sell the business to private equity firms, and will instead aim to take full control of the company in a deal worth more than GBP1.6 billion (USD2.1 billion). According to Sky News, a deal is expected to be signed with Toscafund and Oakley Capital – who between them own roughly half of Daisy’s shares – in the coming days. In doing so, Riley has effectively snubbed a sale to Bain Capital; buyout firms Apollo Global Management and Searchlight Capital Partners are also understood to have lodged bids.
TeleGeography notes that Daisy Group has built up its business with a series of more than 50 acquisitions in the ISP and data space over the last 15 years. The group’s most notable transaction was its GBP175 million agreement to acquire TalkTalk’s B2B business last month.