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Sky’s sells business ISP, Easynet, to LDC for £100m
21 Jul 2010 | 15.43 Europe/London
Sky has sold its loss making business ISP, Easynet Global Services, for £100m to Lloyds Development Capital.
The ISP had been rumoured for the past few months to be the subject of a management buyout and Lloyds’ announcement of the deal includes an endorsement of the current CEO, David Rowe, and his management team.
The deal sees Sky retain control over the network which it acquired when buying Easynet in 2005 but guarantees Easynet access to Sky’s fibre network.
Sky’s CFO, Andrew Griffith, sums up the move as underlining the company desire to focus on the b2c market.
“The acquisition of Easynet was central to the early success of Sky Broadband and Sky Talk. Whilst retaining the UK network assets to support the continued growth of our residential customers, we propose to exit the B2B segment with the sale of the business to a credible team and on attractive terms.”
The deal will now be put forward for regulatory approval.
The ISP had been rumoured for the past few months to be the subject of a management buyout and Lloyds’ announcement of the deal includes an endorsement of the current CEO, David Rowe, and his management team.
The deal sees Sky retain control over the network which it acquired when buying Easynet in 2005 but guarantees Easynet access to Sky’s fibre network.
Sky’s CFO, Andrew Griffith, sums up the move as underlining the company desire to focus on the b2c market.
“The acquisition of Easynet was central to the early success of Sky Broadband and Sky Talk. Whilst retaining the UK network assets to support the continued growth of our residential customers, we propose to exit the B2B segment with the sale of the business to a credible team and on attractive terms.”
The deal will now be put forward for regulatory approval.