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By: MarkJ - 22 July, 2010 (12:00 AM)
easynet uk ispAs rumoured earlier this week, Easynet Global Services and its subsidiaries have managed to reach an agreement with BSkyB ( Sky Broadband ) over its proposed sale to private equity firm Lloyds Development Capital (LDC). Staff numbers are not expected to be affected by the sale, which is fully funded by the Lloyds Banking Group.

LDC will pay Sky £100m for Easynet on completion of the transaction, which is subject to regulatory approval and a works council consultation in respect of certain Easynet employees. LDC has also given its full backing to Easynet's existing management team, including CEO David Rowe, whom helped broker the deal.

Sky will retain the UK network assets, which it acquired as part of the original £211m acquisition of Easynet in 2005. Sky and LDC have agreed to enter into a long-term supply agreement in which Easynet will have continued access to Sky’s fibre network. BSkyB will also continue to be a business customer of Easynet.

David Rowe, Chief Executive Officer, Easynet, said:

"This is an excellent opportunity for Easynet, its customers, and its staff. It provides us with additional capital to help fund the company’s next phase of development and allows us to retain a business relationship with Sky. Since being part of the Sky family we’ve grown in stature in the UK and globally too.

Our revenue has increased year on year, and we’ve continued to dominate the fast-growing segments of managed hosting, managed telepresence, Internet Protocol (IP) solutions and connectivity, whilst maintaining growth and innovation in our network services and products. We look forward to continuing this success under new ownership and building on our enviable reputation for excellent customer service and a global portfolio."

Sky states that Easynet's Global Services business was no longer core to their longer-term strategic goals and has thus been divested.
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