Sale of Manx Telecom - O2 Members
04 Jun 2010
Telefonica this morning announced it has agreed to sell 100% of Manx Telecom to Hg Capital and CPS Partners.
The sale price has been declared as £158.5 million. The expected date of the sale is no later than 30 June. The company has given the IOM Communications Commission the required 30 days notice under its licence obligation and briefed the IOM Government on the transaction. The union has complained strongly to Telefonica about the secrecy and absence of consultation.
The buyers represent a partnership between Hg Capital, a private equity investor, and CPS Partners, a management company with experience in the telecommunications sector around the world.
Prospect has had initial contact with Hg Capital. All existing terms and conditions will transfer with exception of the share plan and Hg Capital has committed to support and preserve the Manx Telecom pension scheme.
The current Senior Management team will remain in place. Further consulation will be taking place up to and beyond the formal date of sale.