7/23/2010 2:13:00 PM
eXpansys superstore strategy gets approval
Online retailer eXpansys has officially taken its first step towards becoming a ‘global online technology superstore’, after shareholders of the company approved the acquisition of Data Select Network Solutions (DSNS) and PJ Media.
The deal will see eXpansys acquiring DSNS and PJ Media, which are both controlled by Dragons’ Den’s Peter Jones, for £38 million. It will create 535,714,286 new ordinary shares at 5.6 pence per share to raise £30m.
News of eXpansys’ proposal to buy the two companies hit the market at the beginning of July.
The acquisition of DSNS by eXpansys, which currently specialises in Sim-free devices sales, will ‘enable it to offer a complete mobile solution to a far greater number of customers’, the company claims.
The directors of the company are aiming to grow their presence in Europe to begin with, and then in the USA and Asia.
eXpansys chairman Bob Wigley said: ‘We are delighted that the acquisitions of DSNS and PJ Media have been approved. The strategic synergies created by bringing these businesses together under eXpansys are compelling and will propel eXpansys forward in terms of what we can offer to customers.
'The funds that we now have in place, together with an increasingly experienced management team, mean that we can accelerate the business model. Our ambition is, ultimately, to become the international market leader in this space.’