23 July – LAWFUEL – The Law News Network – The recommended takeover of TeleCity plc by a new company set up by private equity investors 3i and Oak Hill Investors, has today been announced. The acquisition values TeleCity, advised by City law firm Eversheds, at £57.9m.
TeleCity is a leading provider of managed data centre services in Europe, operating from nine facilities in six markets. It offers secure, controlled environments for businesses who want to outsource all or part of the management of their technical infrastructure, with access to over 250 telecommunications and ISP networks.
The Eversheds team was led by client partner Rob Pitcher and Stephen Nash. Stephen, recently promoted to partner in the corporate team was earlier seconded for two years to the Takeover Panel.
Stephen Nash comments:
“It has been a difficult marketplace for companies in the IT and telecoms sectors over the past few years. However, TeleCity’s strategy has delivered a business with solid credentials and good future prospects, and has resulted in the offer announced today.
“3i was already the single largest shareholder in TeleCity, which has been a client of Eversheds since its IPO in 2000. We have also undertaken a number of secondary fundraisings for TeleCity in recent years.”
Law firm Addleshaw Goddard acted for 3i and Oak Hill. The financial advisers on the deal were Greenhill & Co for TeleCity, Bridgewell for TeleCity’s independent directors and Torch Partners for 3i and Oak Hill.