Mergers and Acquistions News
Categories: Media & Information Services
July 22nd 2010, 19:22PM
LDC, a British private equity firm, will acquire Easynet from BSkyB for £100 million.
Sky originally acquired Easynet, a global network and hosting firm, for £211 million in 2005 and that deal has been credited with driving the media group's broadband platform.
Easynet is a B2B telecommunications company based in London whilst LDC operates as a private equity house and forms part of Lloyds TSB.
Under the terms of the deal, Sky will hold on to assets it gained as a result of the original acquisition of Easynet. However Easynet will still have access to Sky's fibre optic network.
Sky said it viewed the deal as amicable and of benefit to both parties.
Andrew Griffith, Sky's chief financial officer said: "The acquisition of Easynet was central to the early success of Sky Broadband and Sky Talk.
"While retaining the UK network assets to support the continued growth of our residential customers, we propose to exit the B2B segment with the sale of the business to a credible team and on attractive terms."
Meanwhile David Rowe, chief executive officer of Easynet, said the acquisition was "an excellent deal" and would provide "additional capital to help fund the company's next phase of development".
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