Totility buy-out set to boost Maintel’s mobile footprint
Telecoms and data services business, Maintel Holdings, has closed a potential £6.83 million deal to buy out mobile telecoms provider, Totility.
The purchase, under the terms of the contract, sets out an initial consideration of £2.83 million payable on completion, however there remains a £4 million additional payment, which is dependent on Totility's performance in the 12 months after purchase.
Totility is a London-based mobile telecoms provider with 1,100 customers and 12,000 mobile connections obtained through its reselling of O2 and Vodafone services. Commenting on the purchase, Eddie Buxton, chief executive officer of AIM-listed Maintel said: “Increasingly, customers are looking for a unified solution to their technology by converging fixed and mobile networks. The acquisition of Totility enables us to enhance the mobile element of our offering.”
He added that the acquisition “underlines our commitment to future growth and the provision of a complete, one-stop communications service.”
For the 12-month period up to first quarter of 2011, Totility reported revenues of £2.3 million and profit before tax of £1 million. With regards to staff changes under the new deal, managing director of Totility, Terry McKeever, is to remain in the position post-acquisition while Totility business; customers and staff are to be incorporated into Maintel's London headquarters.
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