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Bids, Mergers and Takeovers

AdEPT takes over Comms Group

10 May 2016 07:33

AdEPT, one of the UK's leading independent providers of unified telecommunications solutions, has agreed to acquire Comms Group UK, a well-established UK based specialist provider of unified communications, Avaya IP telephony, hosted IP solutions, IT and managed services.

AdEPT will pay an initial consideration of GBP3.5m plus the surplus cash balance of Comms Group at completion.

A further consideration of up to a maximum of GBP3.5 million in cash is payable dependent upon the trading performance of Comms Group post-completion. The total consideration will be funded out of AdEPT's existing bank facilities provided by Barclays.

The acquisition is expected to be immediately earnings enhancing.

Chief executive Ian Fishwick said: "We are delighted to have acquired such a high quality and profitable business with a strong committed management team. Comms Group is an excellent fit because, like AdEPT, it is asset-light, complements and builds upon AdEPT's existing expertise and skills, particularly within the Avaya product set, and further extends its offering in the unified communications space through the addition of IT services. Following the acquisition, AdEPT is now in a position to provide a complete unified communications offering which can address the whole of the market, from small customers right through to very large enterprise clients. Comms Group has a well-developed customer base with long term relationships across a range of customers. The acquisition is expected to be earnings enhancing from completion."

Story provided by StockMarketWire.com

Related Company: ADT

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