Bytes Technology Group UK, a subsidiary of Altron Group, has acquired IT reseller Phoenix Software for around £36m. Phoenix has a presence on all the main Framework Agreements for Public Sector procurement in the UK and is provider of end-to-end solutions including software licensing, software asset management and IT services. Phoenix is based in York and has an annual turnover of approximately £130m. The combined enterprise will have a turnover of £400m and a headcount of around 480 staff.
British Steel has completed its first acquisition since its rescue last year with FNsteel, a Dutch steelmaker specialising in the production of premium wire rod products. The purchase diversifies and enhances British Steel’s offering and value chain with new products and a customer base in the European automotive, construction and engineering industries. FNsteel employs 300 people at its wire rod mill in Ablasserdam and has an annual turnover of £133m.
Alstom and Siemens have signed an MoU to create a ‘European rail champion.’ The deal has been described as a Franco-German merger of equals, to be headquartered and led by Alstom in France with 50% shares of the combined business owned by Siemens. Alstom develops and markets systems, equipment and services with an emphasis on sustainable mobility for the transport sector, while Siemens is a leading supplier of efficient power generation and power transmission, infrastructure, automation, drive and software solutions to the industry. Siemens Alstom’s combined revenue is €15.3m with an adjusted EBIT of €1.2bn, and the group expects to find annual synergies of €470m in four years following the close of the deal. Altogether the new entity employs 62,300 people across 60 countries.
110,000 holidaymakers have been left stranded abroad following the news that Monarch Airlines has ceased trading and gone into administration. The announcement means that all Monarch flights have been cancelled with immediate effect. The UK Government has asked the Civil Aviation Authority to coordinate flights back to the UK for all Monarch customers currently overseas, and has agreed that passengers will not be charged for these repatriation flights. Established in 1968, Monarch has struggled to compete in the highly competitive short-haul travel market.
Vitec Group, a provider of products and solutions to the Broadcast and Photographic markets, has bought certain assets from DayMen Group. Vitec has paid £7.6m for video and photography accessories retailers JOBY and Lowepro, expecting £23.7m of investment to go into the brands in total. In addition to this the group has acquired RT Motion Systems, a provider of wireless motor lens control systems for broadcast, cine and video cameras, for £3.4m.