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Maintel Holdings Acquires UK Secure Communications Specialist Intrinsic Technology for GBP 5.25m.

M2 EQUITYBITES-August 3, 2017-Maintel Holdings Acquires UK Secure Communications Specialist Intrinsic Technology for GBP 5.25m

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3 August 2017 - UK-based managed communications provider Maintel Holdings plc (LSE: MAI) has acquired the entire issued share capital of UK-based secure intelligent communications solutions specialist Intrinsic Technology Ltd. for a total consideration of GBP 5.25m (USD 6.89m) on a cash-free, debt-free basis, the company said.

Intrinsic enables and manages secure intelligent communications solutions for UK business customers, predominantly medium to large size enterprises and public sector organisations.

Maintel said that Intrinsic adds strong capability in Cisco through its Gold Partner status, and increases Maintel's expertise in the fast growing network security sector.

Intrinsic is expected to be breakeven at the EBITDA level for the remainder of Maintel's current financial year.

With identified synergies, it is expected to generate positive EBITDA and be earnings enhancing in the financial year to December 2018

The consideration for the acquisition is a total of GBP 5.25m payable in cash on a cash-free, debt-free basis and will be funded by an extension to, and draw-down under, the company's existing Revolving Credit Facility with RBS.

The RCF, originally secured in April 2016 has been increased by GBP 6m to GBP 42m.

Intrinsic enables and manages secure intelligent communications solutions for UK business customers, predominantly medium to large size enterprises and public sector organisations.

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Date:Aug 3, 2017
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