Oh no, you're thinking, yet another cookie pop-up. Well, sorry, it's the law. We measure how many people read us, and ensure you see relevant ads, by storing cookies on your device. If you're cool with that, hit “Accept all Cookies”. For more info and to customize your settings, hit “Customize Settings”.

Review and manage your consent

Here's an overview of our use of cookies, similar technologies and how to manage them. You can also change your choices at any time, by hitting the “Your Consent Options” link on the site's footer.

Manage Cookie Preferences
  • These cookies are strictly necessary so that you can navigate the site as normal and use all features. Without these cookies we cannot provide you with the service that you expect.

  • These cookies are used to make advertising messages more relevant to you. They perform functions like preventing the same ad from continuously reappearing, ensuring that ads are properly displayed for advertisers, and in some cases selecting advertisements that are based on your interests.

  • These cookies collect information in aggregate form to help us understand how our websites are being used. They allow us to count visits and traffic sources so that we can measure and improve the performance of our sites. If people say no to these cookies, we do not know how many people have visited and we cannot monitor performance.

See also our Cookie policy and Privacy policy.

This article is more than 1 year old

Hull be damned: KCOM shuts shop as UK High Court waves through £627m Macquarie deal

Meanwhile, Vodafone closes Liberty Global gobble

Private equity investor Macquarie's £627m takeover of Hull-based broadband monopoly KCOM has been approved by the UK High Court.

Shareholders voted in support of the acquisition, at 120.3p per KCOM share, with the court giving the thumbs-up on Tuesday.

In a market update today, KCOM said its shares have now been suspended.

The five-day auction closed last month after Macquarie European Infrastructure Fund 6 SCSp (MEIF6) saw off rival bidder USS (Universities Superannuation Scheme).

Last year, KCOM reported revenue of £301.89m, down from £331.3m the year before. Profit grew to £36.4m from £32.75m.

KCOM sells broadband to 140,000 businesses and consumers in Hull and East Yorkshire, as well as mobility services. It also peddles consulting, design, contact centre-as-a-service, managed, cloud and support services to the likes of HMRC, Bupa and Jaguar Land Rover and Rail Delivery Group.

In a statement to the market today, KCOM said: "Further to the announcement made on 30 July 2019 in relation to the sanction of the Scheme by the Court, KCOM confirms that the listing of KCOM Shares on the premium listing segment of the Official List of the Financial Conduct Authority and the trading of KCOM Shares on the main market for listed securities of the London Stock Exchange have been suspended with effect from 7.30 a.m. today, 1 August 2019."

In other acquisition news, Vodafone yesterday completed the takeover of Liberty Global's European assets in a deal worth €19bn.

Last week, the mobile operator said it is looking to flog off its towers in the next 18 months as a way of helping to plug its €27bn debt hole. ®

 

Similar topics

Similar topics

Similar topics

TIP US OFF

Send us news


Other stories you might like