20th Apr 2015 06:54
LONDON (Alliance News) - Employee benefits company Personal Group Holdings PLC on Monday said it has struck a deal to acquire shebang Technologies Group Ltd out of administration and has formed a new business, Personal Group Mobile Ltd, following the deal.
Personal Group said the Personal Group Mobile business will provide salary-sacrifice phones and airtime to customers of its Lets Connect subsidiary.
It has acquired shebang, a mobile virtual network operator, out of administration for GBP1.3 million in cash, with further integration and due diligence costs totalling GBP1 million. Shebang has an existing deal in place with Three UK, the UK mobile operator.
"The board is delighted to announce this bolt-on acquisition which represents a swift and effective way to enter the phone and airtime provisioning market with a fully functioning and operational business. With the individual business propositions including salary sacrifice and B2B we expect this business to make a good contribution to profit from 2016 onwards," said Personal Group Chief Executive Mark Scanlon.
By Sam Unsted; [email protected]; @SamUAtAlliance
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