Mergers and Acquistions News
Categories: Telecoms
June 4th 2010, 16:40PM
The acquisition of Manx Telecom by a British private equity fund from Spanish telecommunications giant Telefonica has been announced.
Telefonica, which owns O2, agreed to sell its majority stake in Manx Telecom to private equity firm HG Capital and telecoms management company CPS for an estimated £158 million.
Manx Telecom is the main telecoms supplier to the British dependency of the Isle of Man and reported revenues of £69 million for 2009.
HG telecoms head Alex King said: "Manx Telecom has a superb record of sustainable organic growth.
"We see this as very much a growth investment for HG Capital and will continue to invest in supporting the organic growth of the business and in the form of bolt on acquisitions."
Telefonica has been trying to acquire Portugal Telecom's Brazilian mobile business Vivo recently.
The Spanish firm reported net profits were up 2 per cent to 1,656 million euros in the first quarter of 2010.
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