By Tony Hallett, 5 August 2003 11:35
NEWS Vodafone is to pay approximately £155m in cash to buy Project Telecom, a provider of telecoms services that has built its business by sitting inbetween networks and business users. The all-cash offer works out at 70p per share, a premium on Project Telecom's closing price on 10 July, when the company said it was entering discussions. Vodafone's interest in the Newark, Nottinghamshire-based company had been rumoured for some time. Project Telecom said it agreed to the deal after a recent strategic review by its board. Vodafone UK CEO Gavin Darby said the acquisition will boost its efforts to focus more on the business customer and subscriber. Vodafone was advised by UBS Investment Bank, Project Telecom jointly by Rothschild and Cazenove.
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