BSkyB to sell Easynet to Lloyds Development Capital
Following speculation on Monday about the possible sell-off of Easynet by BSkyB, the parties have today reached an agreement to sell Easynet Global Services and its subsidiaries to Lloyds Development Capital (LDC), a UK private equity firm for £100m, subject to regulatory approval and consultation with employees.
"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."David Rowe, Chief Executive Officer, Easynet
As part of the deal, Sky will retain control over the network acquired from Easynet Group in 2005, Easynet Global Services will continue to have access to Sky's extensive network and BSkyB will continue to be a customer of Easynet. The move will result in Sky focussing its efforts within its natural consumer space whilst Easynet will be able to target business customers.