Mergers and Acquistions News
Categories: Hardware
August 10th 2011, 12:01PM
TelecityGroup has completed the takeover of Data Electronics in a £87.6 million cash deal.
The acquisition means Telecity has acquired two carrier-neutral data centres in Dublin that are operated by Data Electronics, which provide access to over 40 carrier networks.
Chief executive of TelecityGroup Michael Tobin said he is "delighted" with the move and is looking forward to working with staff at Data Electronics.
"The combination of Data Electronics and TelecityGroup creates a platform both to capture this demand and also to fulfil growth requirements of our existing customers in Dublin," he added.
His counterpart at Data Electronics Maurice Mortell also welcomed the deal and said it indicates the strength of the IT market in Dublin and supports the notion that Dublin can be a "core European technology and internet hub".
Financial results for the six months to June 2011 show TelecityGroup's total available customer power stood at 58MW during the period, a figure that has now increased to 63MW following its acquisition.
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