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Thursday, July 8, 2010

eXpansys plans acquisition of Data Select Network Solutions and PJ Media in reverse takeover

Online electronics retailer eXpansys plc, which has Peter Jones CBE as its major shareholder and Deputy Chairman, says it plans to acquire two other Jones-controlled businesses to "build a global online technology superstore".

Data Select Network Solutions distributes SIM cards for mobile networks and MVNOs, while PJ Media is a web design and online marketing company. The total deal is worth £49 million and is subject to the approval of shareholders at an EGM on 23rd July.

Bob Wigley, current chairman of Yell plc and former Chairman of Merrill Lynch EMEA, will join the board as non-executive Chairman. He said "eXpansys represents a high growth opportunity built on a world class technology platform. eXpansys has the potential to be an international market leader. Anthony [eXpansys Chief Executive Anthony Catterson] is putting together an excellent management team and, with the injection of DSNS and PJ Media, a coherent strategy for today’s fast growing online market."

Anthony Catterson joined eXpansys in January 2010, having previously been managing director of the UK retail business of Carphone Warehouse and managing director at Phones 4U.

Peter Jones said "I invested in the company last year because I saw its potential. This deal is a major step in unlocking that potential. We expect to create over time a real powerhouse, both in terms of its investment potential and its ability to serve consumer technology products to customers right around the world."

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Author: The Fonecast
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