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February 4, 2013

Daisy Group in negotiations to acquire 2e2

Daisy recently acquired UK-based internet and telecommunications firm Net Crowd

By CBR Staff Writer

UK-based Aim-traded IT firm, Daisy Group, has emerged as a potential bidder to acquire Newbury-based IT group 2e2, which went into adminidtration recently.

FT cited an unnamed source as saying that negotiations between the companies were ‘fairly advanced’. "Negotiations are quite fraught because the financial information is of very poor quality. All the senior team at 2e2 has gone. It’s very difficult to get any sensible answers from them," an unnamed source told the FT.

In 2011, Cable & Wireless had initially offered a bid of about £360m to acquire 2e2.

Duke Street Capital had about 75% share in the IT group and had wrote down the value of all its stake in summer 2012, while the value of remaining equity was written down by late 2012and had laid off 345 of its 1,500 staff recently.

Other firms in the bid race to acquire 2e2 include Computacenter, which operates in a similar area as 2e2.

Daisy has recently acquired UK-based internet and telecommunications firm Net Crowd and the firm’s current management team will continue to run the organisation and report to Daisy’s wholesale unit, according to the report.

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