Mergers and Acquistions News
Categories: Telecoms
March 24th 2009, 15:35PM
AT Communications Group (ATC) has sold Rocom Limited, the firm's distribution subsidiary, to Nimans Holdings.
The deal values Rocom at £12.45 million, with the consideration to be satisfied with £11.95 cash on completion plus a further cash sum of £0.5 million payable on March 23rd 2010.
ATC says the sale of Rocom enables it to readdress its strategic focus on its two core divisions, Servassure and ATC Solutions.
Chief executive officer of ATC Alex Tupman said: "I am delighted that we have successfully completed the sale of Rocom.
"The £12.45 million consideration significantly reduces the group's net debt and enables the group to become a more focused, high-margin business, underpinned by strong recurring revenue streams."
Mr Tupman, who founded ATC in 1999, has also announced he is to step down as chief executive, paving the way for new leadership at the company.
ATC are communications management specialists and commenced trading on the AIM of the London Stock Exchange on July 25th 2005.
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