It was announced today that Redstone Plc has made a formal offer to acquire Symphony Telecom Plc for £17.3m. With the offer unanimously recommended by the Boards of both Symphony and Redstone all that is now required for the sale to go through is the acceptance of shareholdersat an Extra Ordinary General Meeting which is 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 £60million, making Symphony one of the largest independent resellers of telecoms services in the UK.Andrew Smith, CEO, Anglia Telecom Centres told Mobile Business Magazine “It’s business as usual for the mobile division of Symphony and Anglia Telecom. This is a fantastic opportunity…The Anglia Telecom, Symphony and Redstone combination, gives the group a unique opportunity, particularly in the ‘indirect’ market, offering dealers a complete fixed, data, VOIP, broadband and mobile product set.” “Redstone have a commitment to customer satisfaction that is driven by everyone within the business.” “Symphony and Anglia Telecom will benefit from additional funding, with more products to sell and a massively increased customer base. With a combined business turnover of over £130 million, this makes the group a substantial player in the fixed and mobile telephony market and our dealers will be able to take enormous advantage of the synergy created by this positive move.” Symphony and Anglia Telecom 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 is a provider of communications and IT solutions for businesses and public sector organisations across the UK and Irish Republic. With an annual turnover of c£72.5m, Redstone currently do not provide a mobile telecommunications offering.
Feature