Daisy snaps up listed Phoenix in £135m deal

Matthew Riley

TELECOMS specialist Daisy Group has agreed a deal to buy listed rival Phoenix IT Group in a deal worth about £135m.

Daisy, based in Nelson, Lancashire, and its hedge fund backer Toscafund have been in discussions with Listed East Midlands company Phoenix for several days.
Phoenix shares have been valued at 160p, a 24% premium on the closing price of 129p on May 20.

Founder and chief executive of Daisy Matthew Riley said: “This announcement builds upon the corporate acquisition strategy that Daisy h... For the full story register now for free or login below...