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Ekit
Oakley advises Ekit on sale to Jersey Telecom
Completed Transactions - Ekit Logo
Sector:
Telecoms
Transaction Type:
Disposal
Date:
January 2011
Deal Value:
Undisclosed

The sale of ekit.com, Inc. (“ekit”; “the Company”), the mobile roaming virtual network operator, to Jersey Telecom (“JT”), announced on 11 January 2011 completes a busy last 12 months for Oakley Capital Corporate Finance (“Oakley”). The deal, for an undisclosed sum, demonstrates Oakley’s continuing commitment to the mid-market telecoms sector.

ekit, which was owned by shareholders including Australian growth capital fund Allen & Buckeridge and management, employs up to 40 staff in London, Boston and Melbourne. JT has announced that it will continue with the current operations in all three offices and ekit’s Chief Executive Officer, John Diamond, is moving to Jersey. Oakley was hired by ekit shareholders to advise on their strategic options and JT was selected as the best partner to enhance the growth and product proposition of the Company moving forward.

ekit uses advanced technology to reduce mobile roaming charges for customers around the world, which means that a JT customer travelling to the UK or US wouldn’t incur extra roaming charges. JT plans to make this saving available to JT customers in Jersey by early next year. It also hopes to extend the service to other countries if agreements with other mobile operators can be put in place. The acquisition is the first under JT’s newly stated five year corporate growth strategy. ekit has more than 150,000 customers worldwide, thus enabling JT to triple its mobile customer base.

The ekit disposal is the 6th deal completed by Oakley in the past 12 months and the 25th transaction since our launch within the Oakley Capital Group in the second half of 2007. Recent completions include the sale of IP Partner AG, the German hosting provider, to QSC for up to €25m and Host Europe Corporate to Montagu Private Equity for £222m.

Chris Godsmark, Joint Managing Partner of Oakley, said,

“we built up a close relationship with ekit shareholders over an extended period, resulting in the decision to seek a strategic acquirer to enhance further the growth in the Company. We conducted a private sale process and Jersey Telecom impressed us by acting quickly and decisively.

Telecoms remains a core area of activity and expertise for Oakley, demonstrated by the ekit transaction. We have continued to growth our deal pipeline over the past 12 months and we hope to announce further completions in the coming few weeks.”

For further information please contact:
Chris Godsmark, Partner
+44 207 766 6900

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