International law firm Eversheds has advised Daisy Communications on its £200M reverse takeover of Freedom4 Group.
It was announced today that Daisy Communications, the SME value-added telecommunications reseller, is to become an AIM listed business following the £200m reverse takeover of Freedom4 Group.
Daisy is being bought by Freedom4 Group for £81m. At the same time, Freedom4 is also acquiring another business, Vialtus, for £42m. Freedom4 is also proposing to raise £83m by way of a share placing. The takeover is conditional upon Freedom4 shareholder approval.
The merged business will provide a range of telecommunication services to the business sector. The combined group, which will be called Daisy Communications, will be led by Matthew Riley, Daisy's current Chief Executive.
The Eversheds team was led by Keith Froud and David McGlennon. Froud commented: "Having worked closely with Matt Riley and Daisy for five years, it is fantastic to have helped him with this highly strategic reverse takeover. The merged business will provide an excellent platform for further expansion in the telecommunications marketplace where consolidation opportunities are ripe."
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