2e2, a private equity-owned IT services business, has acquired Netstore, an IT networking group for 32p per share, valuing Netstore at approximately Gbp58.1m (US$112m).
2e2 provides IT infrastructure, maintenance, networking, education and other managed services. The business was established in 2002 by chief executive Terry Burt and chief operating officer Mark McVeigh.
The acquisition has been unanimously recommended by Netstore's directors. The offer represents a premium of 77.8% to the closing price of 18p per Netstore share on 18 February 2008, the business day prior to Netstore's announcement that it had received approaches from third parties.
By 11am today, Netstore's share price had risen to 31.25p, up 7p since yesterday's close of 24.25p.
Duke Street Capital has owned 2e2 since September 2006 when it acquired the business from rival mid-market private equity firm Gresham Private Equity for