SpiriTel acquires ED Communications in acquisition-led growth strategy
05 August 2008
SpiriTel, the business communications service provider has agreed to acquire ED Communications Ltd, for a total consideration of up to £3.0 million.
Under the terms of the acquisition, SpiriTel has agreed to pay £0.8 million in cash on completion with £0.5 million of deferred payments payable over a two year period. Performance-related earn-out payments of up to £1.7 million are also payable by September 2009 with the maximum consideration payable being £3.0 million.
ED provides a range of network services to over 700 corporate customers. ED's services include: inbound and outbound calls, non geographic numbers, wholesale line rental and broadband.
The purchase of ED is SpiriTel's sixth acquisition in less than two years.
Alastair Mills, Chief Executive of SpiriTel said:
'The ED transaction is another exciting step in our acquisition-led growth strategy. Following a sustained period of organic and acquisition-enhanced growth, SpiriTel has now attained a level of scale that allows us to bolt on acquired companies and swiftly deliver the resulting synergy benefits of cost savings and new sales opportunities. SpiriTel has an excellent track record in effective acquisition integration and we are confident that ED will prove a highly profitable addition to our Business Division.
'In a rapidly consolidating sector, we will continue to pursue this strategy of making selective, earnings enhancing acquisitions that add scale to our operations, expand our customer base and furnish us with the opportunity of organic growth driven by cross selling.'
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