Ashurst advises on £165m recommended takeover

A UK telecoms firm snaps up its rival, further consolidating the space.

Ashurst is advising Oakley Advisory in relation to the £165.3 million (about $278.67 million) recommended takeover of Alternative Networks plc by Daisy Intermediate Holdings Limited.
 
Oakley Advisory is acting as financial adviser to the Daisy Group in relation to the offer. The Ashurst team is being led by corporate partner Tom Mercer and finance partners Tim Rennie and Mark Vickers, assisted by associates Harry Thimont, Matthew Pentecost and Steven Haywood. 
 
The Daisy Group is an independent UK provider of end-to-end business technology and communications solutions to small-to-medium and mid-market businesses.
 
Both Daisy and rival Alternative Networks had both been consolidators in the UK telecoms industry, the Financial Times notes. According to the publication, Daisy will also assume almost £20 million (about $33.72 million) in debt in the deal.
 
Daisy offers a comprehensive range of products and services comprised of fixed line voice and mobile telephony, data connectivity, device and datacentre support, business continuity and associated cloud, hosting and managed services.
 
Alternative Networks is a provider of information and communications technology solutions to UK businesses from device to datacentre, delivering products and services spanning cloud computing, virtualisation, managed hosting, fixed-line voice, software development, mobile, systems, IP networks and complex billing solutions.
 
Ashurst previously advised on the £135 million recommended cash offer by the Daisy Group for Phoenix IT Group plc in 2015.
 

Related stories:
Ashurst partners to decide on scrapping current profit distributions scheme
Weekly Deals Roundup: Aussie firms work with global heavyweights in landmark China-linked deals
 

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