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LMS Capital Takes 53 Percent Stake in Business ISP Updata UK

Posted: 14th Jul, 2009 By: MarkJ
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.
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