Matthew Riley, chief executive of UK business telecoms operator Daisy, has said the group would be interested in acquiring Cable & Wireless Worldwide’s (CWW’s) Thus and Demon units – if likely-new owner Vodafone is willing to sell them.
With its…
Matthew Riley, chief executive of UK business telecoms operator Daisy, has said the group would be interested in acquiring Cable & Wireless Worldwide’s (CWW’s) Thus and Demon units – if likely-new owner Vodafone is willing to sell them.
With its £1.04bn (US$1.63bn) takeover of CWW approved by a majority of the company’s shareholders, Vodafone will look at all assets from a strategic perspective and may consider selling some, The Times newspaper quoted Riley as saying.
Commenting on whether Daisy is considering other acquisitions, a spokesperson said: “Daisy constantly monitors the market for strategic acquisitions and for deals that will enhance its market share and provide clear value for its shareholders. Given Daisy is an acquisitive player, and growing organically, it will continue to acquire businesses on the basis that they are a strategic fit for the Group.”
Yesterday, Daisy, which is based in Lancashire and services SMEs, reported revenues of £349m for the year ended 31 March 2012 – up from £266.3m the previous year. Adjusted EBITDA rose to £56m from £40m, while net debt increased to £66.2m to £78m.
Founded in 2009, Daisy has grown rapidly. It made seven acquisitions in the year ended 31 March 2012 and nine the previous year.
CWW acquired Glasgow-based Thus, which services SME customers, for about £329m in 2008 and has reportedly since tried to sell it, but failed to find a buyer. Demon is one of the UK’s oldest ISPs, established in 1992 and acquired by Thus in 1998.
Vodafone’s takeover of CWW is subject to regulatory clearances and the companies expect to hold a court hearing to sanction the deal on 26 July.
