Host Europe Purchases Freedom4 for £120m
March 19, 2008 · Print This Article
European telecommunications provider Freedom4 Communications, previously known as Pipex Communications, announced on Tuesday it has signed an accord to sell its hosting and network service division to Host for £120 million.
Set up by Freedom4 chairman Peter Dubens, Host Europe is a recently formed subordinate of investment firm, Oakley Capital.
Once the business deal is concluded, Freedom4 Communications says it will return up to £156.9 million to shareholders through a tender offer.
Oakley Capital says its subsidiary Oakley LP will issue £20 in vendor loan notes, assume around £10 in debt and pay the rest in cash.
Last year, Freedom4 sold its Pipex consumer broadband and telephony business to Italy’s Tiscali for £210 million. The company’s operations will at this moment consist exclusively of its wireless mutual venture, which was set up with Intel Capital, providing wi-fi and wi-max networks to residents in Milton Keynes and Manchester, UK.


Comments
Got something to say?
Visited 227 times, 1 so far today