Phones International bid for rival 20:20

Phones International bid for rival 20:20

Phones International boss and Dragon's Den star Peter Jones has made an offer for rival distributor 20:20 last week.  

Mobile understands that 20:20 could be taken over by Phones International as early as next week, subject to approval by 20:20's debt syndicate and majority owner Doughty Hanson.

Earlier this month, 20:20’s debt syndicate wrote off £175m of debt in exchange for a 50% share in the company, which would give the business a maximum value of £350m. The deal also reduced 20:20’s total debt from £265m to £90m.

Last month, 20:20’s airtime business, Dextra, was off-loaded to rival distributor Fone Logistics in an earn-out deal.

Phones International managing director George McPherson declined to comment.

Written by Mobile Today
Mobile Today

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