News

Redbus Merges with TeleCity

01.23.06

New York, January 23, 2006 - Redbus Interhouse and TeleCity successfully completed their merger to form TeleCity Group.   The cash offer of 23p for each Redbus share values Redbus at approximately £61.0 million.  Redbus' three largest shareholders, including The Sputnik Group, exchanged their Redbus shares for one-third of the ownership of the new TeleCity Group, representing equivalent ownership to 3i Group and Oakhill Investors.

This landmark transaction in the European carrier-neutral data center industry brings together two of the strongest players to create Europe's largest independent colocation provider in terms of revenue, number of customers and total data center space under management.  Former Redbus Interhouse CEO Mike Tobin will lead the combined company.  Former Redbus Interhouse CFO Carl Fry and former TeleCity employees Trevor Wadcock and Matthew Gingell complete the new executive team.

Redwood Capital acted as financial advisor to Redbus Interhouse plc. in connection with the transaction. 

 

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