Interoute has completed the £402 million acquisition of European managed services provider, Easynet. The UK Competition and Markets Authority (CMA) officially cleared the acquisition to go ahead on November 3, completing the final step in the process.
With this acquisition Interoute has almost doubled the size and scale of its enterprise ICT services business (now over 70% of the group’s overall business). On a pro forma basis, after giving effect to the acquisition, Interoute would have had total revenue of over €700 million in the twelve months ended 30 June 2015.
The acquisition will enable enterprise, government and service provider customers of the merged group to access a full suite of the combined companies’ products and services. In addition to increased products and services, the acquisition brings an enhanced and expanded set of skills and capability to serve both companies’ existing customers and new prospects across the world.
In the future the combined group will trade under the Interoute brand. Until this is fully implemented Easynet will continue to operate under its own brand name and will be known as ‘Easynet, an Interoute company’. While the integration plans are in the process of being finalised both businesses are working in tandem and cooperating closely.
Gareth Williams, Interoute’s CEO, commented, “The completion of this acquisition is a big step forward as we continue on our path to create Europe’s leading, independent ICT provider. The additional scale, skills and services within the combined business will bring significant benefits to our national and multi-national customers and prospects.”
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