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Virgin Media O2, Daisy to form new business telecoms provider
(Sharecast News) - Virgin Media O2 and B2B-focused IT comms outfit Daisy Group are set to form a new business telecoms company valued at up to £3bn. On Monday, the companies announced a merger of their business comms operations to compete with BT Group, which is currently the market leader in the SME telecoms market.
With combined pro forma revenues of £1.4bn per annum, the new firm will hold around 700,000 customers and be led and chaired by Daisy Group founder, Matthew Riley, with the MD of Virgin Media O2 Business, Jo Bertram, operating as chief executive.
The entity, which will be consolidated by Virgin Media O2 with Daisy Group holding a 30% stake, will be valued at between £2.5bn and £3.0bn, according to reports earlier on Monday by Sky News.
"Combining Virgin Media O2 Business with Daisy Group is the perfect pairing and creates a new British business connectivity powerhouse and greater competition in the market," said Lutz Schüler, the CEO of Virgin Media O2.
"For us, it's a big step forward in our journey to boost B2B growth and provide UK businesses of all sizes with the best digital and connectivity offerings."
BT shares were trading 1.7% lower at 162.5 on Monday afternoon, compared with the wider FTSE 100 which was up 0.5%.
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