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... You can carry on reading TheBusinessDesk.com for free, but you have reached the maximum number of pages an unregistered user can view. To register for an account, click here or login below...