23rd Jan 2014 14:20
LONDON (Alliance News) - Alternative Networks PLC Thursday said it has acquired Control Circle Ltd, a provider of complex managed hosting and cloud-based services to enterprises and on-line businesses in a deal worth GBP39.4 million in cash.
The business communication service provider said Control Circle reported GBP21.1 million of revenue in year ended September 30, 2013 and earnings before interest taxation and depreciation of GBP1.9 million.
Alternative Networks said joint bank facilities of GBP43 million have been provided by Barclays and Lloyds, replacing existing facilities of GBP6 million.
The acquisition is expected to be earnings enhancing from completion.
The stock was trading at 547.00 pence Thursday afternoon, down 13.50 pence or 2.4%.
By Anthony Tshibangu; [email protected];
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