Feeds

Caudwell Group sale rings up £1.46bn

I'll get me yacht

Secure remote control for conventional and virtual desktops

John Caudwell was flicking through yacht catalogues this morning after sealing the sale of his telecoms empire to a pair of private equity groups for £1.46bn.

The Phones4U chain and the business-to-business operation will go to Providence Equity, a US-based firm, while UK-based Doughty Hanson will take over the 20:20 Logistics handset distribution arm.

Caudwell owned 85 per cent of the group, meaning he can look forward to a £1.24bn payoff when the deal completes next month. Caudwell’s brother, Brian, and finance director Craig Bennett owned the rest of the firm.

The £1.46bn final price was much more than many observers had expected, with some last year estimating £800m as the going rate for the business.

Caudwell had always said it was worth more, and also said a private equity sale was more likely to preserve jobs than a sale to a competitor. Whether this will be the case remains to be seen – private equity firms have a reputation for slashing costs and pruning assets as they seek a return on their investments.

As for Caudwell, the papers and radio were quoting him today saying he was going to take some time off, do some work on his children’s charity and possibly sail around the world. After all, now he’s offloaded the business he started roaming charges won’t be a problem.®

Intelligent flash storage arrays

More from The Register

next story
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
Big Content outs piracy hotbeds: São Paulo, Beijing ... TORONTO?
MPAA calls Canadians a bunch of bootlegging movie thieves
Google Glassholes are UNDATEABLE – HP exec
You need an emotional connection, says touchy-feely MD... We can do that
Just don't blame Bono! Apple iTunes music sales PLUMMET
Cupertino revenue hit by cheapo downloads, says report
US court SHUTS DOWN 'scammers posing as Microsoft, Facebook support staff'
Netizens allegedly duped into paying for bogus tech advice
Feds seek potential 'second Snowden' gov doc leaker – report
Hang on, Ed wasn't here when we compiled THIS document
Verizon bankrolls tech news site, bans tech's biggest stories
No agenda here. Just don't ever mention Net neutrality or spying, ok?
prev story

Whitepapers

Choosing cloud Backup services
Demystify how you can address your data protection needs in your small- to medium-sized business and select the best online backup service to meet your needs.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
New hybrid storage solutions
Tackling data challenges through emerging hybrid storage solutions that enable optimum database performance whilst managing costs and increasingly large data stores.
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.