Azzurri Communications, a leading voice and data services company, has been acquired by PPM Capital, the private equity arm of Prudential plc for a cash consideration of £182.5mn. Azzurri was formed in June 2000, when 3i Group plc invested £25mn in the Company for a majority stake. Working closely alongside the management team, 3i helped the Company achieve its first phase of development including the integration of the 15 strategic acquisitions which make up the business today. PPM Capital and the Azzurri management team led by Chief Executive, Martin St Quinton will work together to deliver the next stage of the strategy aimed at creating a major independent national company offering the full range of converged voice and data services. The Company will remain headquartered in Newbury, Berkshire, aiming to grow its workforce, currently 800 strong around the UK, in line with its planned expansion.
www.ppmcapital.com