Daisy in £10.5m swoop for BNS Telecom
Telecoms group agrees to acquire BNS Telecom Group for £10.5m in all-share deal
Telecoms group Daisy has agreed to acquire BNS Telecom Group for £10.5m in an all-share deal.
BNS, a VOIP telecoms carrier and telecoms reseller, will complement Daisy’s existing telecoms services. The Northumberland-based firm has revenues of £36.9m and underlying EBITDA of £3.2m.
The deal includes 3G Comms, a subsidiary which is a UK mobile phone service provider for small and medium-sized businesses.
Following its reverse takeover of Freedom4 in July 2009, AIM-listed Daisy, led by chief executive Matthew Riley, has continued with its acquisitive growth strategy, and recently bought internet provider Managed Communications for £6.3m.
Riley said: “This offer makes great sense for Daisy, given the scale and position of BNS within the UK SME market. This acquisition will strengthen our position in the reseller market and is another step towards the Daisy Group consolidating this fragmented sector following the integration of our previous acquisitions.”
BNS has 8,000 customers across 22,000 business sites, with 42,000 fixed line connections and it currently handles on average over 30 million calls per month.
Daisy reported revenues of £30.9m and pre-tax losses of £2.1m in the nine months to September 2009.