KCOM to go private in £504m deal
.jpg)
Yorkshire telecoms firm KCOM is set to go private in a deal valuing it at £504m.
The publicly listed business is the subject of a bid from Bidco - a subsidiary of USSL, which is the one of the largest private sector pension funds in the UK, managing over £60bn in assets.
The acquisition is subject to approval from KCOM shareholders, but the board of directors is recommending that the deal is accepted.
Patrick De Smedt, interim non-executive chairman at KCOM, said: "The board believes that USSL's offer for KCOM provides, on completion, both meaningful, guaranteed cash returns for shareholders as well as a strong, supportive partner in our endeavours to take the business forward to new successes.
"The board believes that the offer of 97p per share represents a compelling opportunity for shareholders to realise an attractive cash value in respect of their shares and recognises the quality of KCOM's businesses and the strength of their future prospects.
"For all these reasons, the Bboard unanimously recommends that shareholders accept the offer."
KCOM owns the fixed-lane network used by a large chunk of Hull and East Yorkshire. It also has an enterprise IT business.
The firm has struggled over recent quarters, launching a strategic review last November after seeing "poor performance" in its enterprise-focused units. It said that cost cuts may have to be implemented.
Sales for the six months ending 30 September 2018 dropped five per cent year on year to £143.4m.
Mike Powell, head of the Private Markets Group at USSIM, said: "We believe that KCOM is a high-quality business that is well placed to grow and thrive under private ownership and that is why we have made this compelling offer to shareholders at an attractive premium.
"With the right capital support and assistance, we believe that KCOM's management will be able to enhance the quality of its offering, delivering benefits for customers as well as sustainable, long-term returns.
"USSL's track record as a long-term and supportive shareholder with extensive experience in regulated sectors makes us an ideal partner for KCOM."
KCOM's share price rose by over a third after the deal was announced.
source channelweb
Industry: Telecommunications News
Latest Jobs
-
- IAM developer - Saviynt
- United Kingdom
- Upto £60,000 plus benefits
-
IAM developer/ Consultant is required for a global consultancy who are looking to expand their deployment team within the UK Looking for a IAM developer who has experience with at least one of the following vendors Saviynt, Clearskye, Beyond Trust or Okta You will be part of a deployment team, involved in a number of high profile projects Key duties will be: implement IAM solutions to ensure secure access to applications, systems, and data for authorized users. This may involve integrating technologies and standards such as SAML, OAuth, LDAP, and RBAC. Conduct IAM audits and assessments: to identify vulnerabilities, gaps, and areas for improvement. Provide IAM support and troubleshooting and resolve incidents related to user access, authentication, and authorization.
-
- Lead Cyber Security Incident Response Consultant.
- United Kingdom
- N/A
-
Seeking skilled and passionate UK-based individual for a Lead Cyber Security Incident Response Consultant opportunity 3 core skillsets for the role Hands on technical incident response (triage and planning). Business consultancy (engaging with clients). Commercial awareness. Being able to engage in business growth conversations. Consultancy experience is an essential as it the ability to visit clients and the office. Additional experience will include, but not be limited to: Developing incident response strategies, guides and procedures for effective incident handling Proactive and reactive defense plans based on cyber threat actors' techniques Offering guidance, supervision, and fostering opportunities for team development Significant career development opportunities for the right individuals.
-
- OUTSIDE IR35 Contract- Functional tester- SC clearance Microsoft Windows Server
- London
- Outside IR35 contract
-
Front End Functional tester with SC clearance needed for an Outside IR35 project. Current valid SC clearance is required Experience with functional testing with exchange, sharepoint, SQL and other applications relating across a windows server Migration to 2019. Must be able to get to Central London 3 days a week. Jira, Wiki documentation and automation experience highly desirable.
-
- ForgeRock Consultant- UK
- United Kingdom
- Upto £100,000 plus benefits
-
ForgeRock Consultant/ Architect is require for niche consultancy who are looking to expand their presence within the UK/European Market Looking for a lead IAM architect, ideally with ForgeRock experience but would consider other vendors, But looking for someone who is able to advice and consultant with Clients but have the implementation background so they can get involved in projects as and when needed. Key duties will be: Provider IAM consultancy to clients, with a focus on ForgeRock Product stack ·Responsible for the design and implementation of ForgeRock solutions ·Install and configure ForgeRock stack to meet customer authentication and authorization requirements, ·Design and implement OAuth2 protocol using ForgeRock OpenAM, ·Design and develop OpenAM custom authentication modules, ·Configure ForgeRock stack to protect RESTful API, ·Troubleshoot and support ForgeRock IAM stack. This is a great role to join a niche play as they look to kick of their European expansion