Under the terms of the acquisition, SpiriTel has agreed to pay GBP0.8 million in cash on completion, with GBP0.5 million of deferred payments payable over a two-year period. Performance-related earn-out payments of up to GBP1.7 million are also payable by September 2009, with the maximum consideration payable being GBP3 million.
The purchase of ED is SpiriTel’s sixth acquisition in less than two years. SpiriTel intends to integrate ED into its business division with the addition of minimal incremental overheads.
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.
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