7/6/2010 12:39:00 PM
eXpansys to buy two Peter Jones' businesses
Online retailer eXpansys is to buy the Sim business of hardware distributor Data Select and PJ Media for £38m. Peter Jones is a shareholder in all three companies.
The deal will see eXpansys paying £13.4m in cash and issuing up to 442.4 million shares to investors in Data Select Network Solutions and PJ Media.
eXpansys CEO Anthony Catterson is a former managing director at Phones 4u, Carphone Warehouse and Micro-P. He has been in his present role since January 2010.
Under the terms of the deal, eXpansys will take on £10.8m of Data Select Network Solutions debt.
Peter Jones started his business empire in the telecoms industry and has received public recognition through TV programme Dragon's Den.
Data Select Network Solutions was formed at the beginning of May and fuelled speculation that Data Select was about to make further changes to the company structure.