Coms PLC completes GBP9.5 million acquisition of Redstone

By VCPOST Staff Reporter

Nov 25, 2013 02:34 AM EST

Coms PLC confirmed its completion of the acquisition of Redstone Converged Solutions Ltd. The agreed worth of the transaction was GBP9.5 billion. This was according to a press release report published by MarketWatch.

The acquisition of Redstone was seen to strengthen Coms PLC's product portfolio. The latter would now be offering business infrastructure, information technology (IT) support, data centre and smart building solutions to companies across Europe. Redstone shareholders gave approval of the transaction during a recent company general meeting. This was the only condition for the completion of the deal, the report said.

The purchase would also helps maintain Coms PLC's status as a leader in the telephony and IT solutions. Under the terms of the deal, the Redstone brand name will still be used. Reports suggesting that the Redstone brand would be erased from the industry are not true, said the report.

Coms PLC is currently listed on the London Stock Exchange. The telecommunications service provider was established in 2005, MarketWatch said in its report.

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