Telecity could bid for Phoenix IT
Telecity, an FTSE-250 datacenter operator, could make a takeover offer for listed UK-based rival Phoenix IT, according to a Daily Telegraph market report. The newspaper did not cite a source for the speculation.
The report noted that Telecity CEO Michael Tobin is to step down. The item went on to cite an analyst who suggested that buying Phoenix would not only address Telecity’s “strategic shortcoming,” but would also give the company a new chief executive in Phoenix’s Steve Vaughan.
Phoenix IT’s share price closed 1.25p up at 91.0p in London yesterday, 27 August, giving the company a market capitalisation of GBP 75.5m (EUR 94.8m).
Daily Telegraph