Phoenix EGM approves NDR acquisition

An extraordinary general meeting of shareholders in Phoenix IT Group was held yesterday (18th April) to discuss the proposed proposed acquisition of NDR, a UK-based business continuity company.

The meeting approved the acquisition, with over 99 percent of voting shareholders voting in favour.

It is expected that the £37 million deal will be completed today ( 19 April 2005 ) . Phoenix will pay £28.8 million and will take over net borrowings of approximately £8.4m.

•Date: 19th April 2005 • Region: UK •Type: Article •Topic: BC markets
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