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Bids, Mergers and Takeovers

Telecity's merger

11 February 2015 08:00

TelecityGroup has reached a non-binding agreement on an all-share merger with Interxion Holding N.V. The proposed deal would be structured as an offer by TelecityGroup for Interxion.

The primary listing for the combined group would be in London, with a New York Stock Exchange listing for TelecityGroup's existing ADR programme contemplated.

TelecityGroup also booked a FY pretax profit of £81.0m, from £88.4m. Revenue was £348.7m, from £325.6m. It proposed a final dividend of 9.0p a share, up 28.6%, taking the total to 13.5p, up 28.6%.

"We experienced good trading conditions and have delivered a solid operating and financial performance," said executive chairman John Hughes in a statement.

Returning to the merger, Interxion is a European provider of data centre services serving a wide range of customers through 39 data centres in 11 European countries. It is listed on the New York Stock Exchange.

The boards of TelecityGroup and Interxion believe the combination of the TelecityGroup and Interxion businesses is highly compelling.

Demand for data centre services is evolving rapidly as enterprise data and digital applications migrate to the cloud.

The combined business will allow the parties to provide customers with greater product choice and solutions for the dynamic and expanding needs of multi-faceted customers seeking to address global markets.

The additional scale and scope of the combined operations will give customers an expanded product set, more robust connectivity choices, better landing points for access to European consumers and expanded gateways to new markets in Africa, Asia and Eastern Europe.

At 8:00am: (LON:TCY) Telecity Group PLC share price was +54.75p at 903.25p

Story provided by StockMarketWire.com

Related Company: TCY

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