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Redstone to raise £18m towards acquisition |
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Written by Business Weekly
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Thursday, 22 February 2007 |
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Cambridge ICT firm Redstone has announced an £18m share placing to help fund its £22m acquisition of IT rival Comunica.
The purchase, Redstone’s fifth in 10 months, will see the firm paying £16.1m in cash, to be financed by the placing, and an additional £2.9m in shares. Dependent on Comunica’s performance until the end of May, an extra £2.5m in cash and £500k in shares could also be payable. Comunica specialises in network and communications infrastructure solutions, and provides design, implementation and project management services, to a largely blue-chip client base in various industries. |
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