Updata Infrastructure UK, a lesser known business broadband ISP and network builder, appears to have been be the focus of a management buyout after Investment firm LMS Capital Plc bought a majority 53.3% stake in the provider for a cash deal of £6.2m.

The Reuters report noted that the remaining 46.7% stake will be retained by the ISPs management and other existing shareholders, both of which appeared to back the move. Updata, which had a turnover of £10.9m and an operating profit of £1.6m in the last tax year, was previously 60% owned by the Danish based business Updata Europe.