A resurgent Redstone has made a formal offer to acquire Symphony Telecom PLC for around £18m. The offer has been unanimously recommended by the Symphony and Redstone Boards and is subject to Symphony shareholder acceptance and Redstone shareholder approval, via an Extra Ordinary General Meeting of the Redstone shareholders to take place in July.
Symphony Group has two divisions: Symphony Telecom and Anglia Telecom Centres. The two divisions have an annual combined turnover of approximately £60 million, which makes Symphony one of the largest independent resellers of telecommunications services in the UK.
Redstone, with an annual turnover of c£72.5m, do not provide a mobile telecommunications offering.
Andrew Smith, CEO, Anglia Telecom Centres Ltd, comments, “It’s business as usual for the mobile division of Symphony and Anglia Telecom. This is a fantastic opportunity and shows again what are a growing and thriving business we are.” “The Anglia Telecom, Symphony and Redstone combination, gives the group a unique opportunity, particularly in the ‘in direct’ market, offering dealers a complete fixed, data, VoIP, broadband and mobile product set.”