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Daisy concludes sales negotiations with SpiriTel

Telecoms company Daisy has acquired SpiriTel for around £27 million, it has been reported.

10 November 2010

British telecoms firm Daisy has concluded sales negotiations with SpiriTel as it seeks to boost its customer base and product portfolio.

The company made an offer of about £27.3 million, putting the price of a share at 51.5 pence.

Matthew Riley, chief executive of Daisy Group, said: "The board believes that this acquisition gives Daisy Group a strong foothold in the mid-market, strengthening our sales team and engineering force."

SpiriTel has 4,000 small and medium-sized enterprises and large corporate clients on its books and recorded revenue of £21.3 million in the last fiscal year, according to Reuters.

Last week, Spanish financial institution BBVA completed sales negotiations with Granti Bank and acquired almost a quarter of shares in the Turkish money lender for around $5.8 billion (£3.6 billion), as it looks to move into the country's industry.

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