Riley closes in on Wavenet and Daisy arm deal, reports Sky

A merger between Macquarie-backed Wavenet and Daisy’s Corporate Service business is close, according to reports from Sky.

This would see the Daisy arm folded into Wavenet to create an entity with a valuation over £1bn and more than 20,000 UK enterprise customers.

Sky cites City sources that the deal could be announced by the end of this week. It also reports that the deal is being backed by Macquarie and debt financing from Ares.

Wavenet would continue to be led by Bill Dawson with Daisy founder Matthew Riley joining the board as non-executive director.

Responding to an enquiry from Sky News, Philip Grannum, Wavenet CEO, said: "This deal brings together two prolific consolidators, making Wavenet the largest independent Managed Service & Security Provider for large SME & corporate customers.”

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