The transformational transaction will see the creation of a new B2B entity, combining substantially all of Virgin Media O2 Business and Daisy Group. The new company will be 70% owned by Virgin Media O2 and 30% by Daisy Group serving hundreds of thousands of customers, and is expected to close in early H2 2025, subject to customary regulatory approvals.
DWF advised Daisy Group, working alongside financial advisers Houlihan Lokey and EY, tax advisers PwC. The core corporate team was comprised of partner, and global head of corporate at DWF, Frank Shephard, and solicitors Raili Haslam and Narissa Pankhania, with support from partners James Cashman, Gary Macdonald, Caroline Colliston, and Dimitris Sinaniotis. The team also included director Liz Clark, solicitors Jordan Collinson, Douglas Pyrke, and Feras Alobaidli, associate Eilidh Durkin, and trainee solicitors Fernando Martins, Gabriella Rasiah, and Mark Dimitri.
This transaction follows DWF acting for Daisy on both the merger of its corporate services division with Wavenet, resulting in the creation of the UK’s biggest independent IT managed services provider, and the acquisition of 4Com Technologies. The merger with Wavenet created a £500m turnover business employing around 2,000 staff, offering cyber, cloud and intelligent network solutions to over 22,000 customers.
Frank Shephard, global head of corporate at DWF, said: “We are proud to have supported Daisy Group on this landmark deal which brings together two major players in the UK B2B communications and IT market. The transaction represents a significant milestone for Daisy and positions the new company for continued growth and innovation in a rapidly evolving sector. Congratulations to everyone involved.”
Matthew Riley, Founder and Chairman of Daisy Group, commented: “This is a significant milestone in Daisy’s 24-year history. This transformational transaction will revolutionise the telecommunications and IT landscape and create the most comprehensive offering for businesses of all sizes across the UK. Growth is top of the political and business agenda – inextricably linked to this is access to world-class IT and communications infrastructure that is integrated and can scale.
Our new entity, which brings together two highly successful companies, will deliver a comprehensive solution for the fast-changing needs of UK organisations supported by specialist teams that have a relentless focus on customer service. It will be driven by the entrepreneurial spirit for which we are known and will catalyse the next phase of our ambitious growth plans.”
