Completion of Acquisition
Coms plc ("Coms") completes acquisition of Comunica Holdings Limited
("Redstone")
Coms plc (AIM: COMS) is delighted to confirm that it has completed the acquisition from Redstone plc of Comunica Holdings Ltd - the ICT Infrastructure, data centre and smart building solutions business. Further to the announcement of the transaction on 5 November 2013, the conditions for completion, one of which was the approval of the transaction by Redstone plc shareholders which was received at the Redstone plc general meeting held today, have been satisfied.
The total cash consideration of the sale was £9.5 million to be settled by the payment of £7.65 million by Coms at completion and deferred consideration of £1.85 million and the transaction was effected on a debt free cash free basis. For the year ended 31 March 2013, Redstone reported revenue of £30.8 million and EBITDA of £2.5m.
Redstone will continue to trade as Redstone and will become an important part of the Coms plc portfolio.