BUSINESSMAN Denis O’Brien has bought the services group Siteserv in a cash deal worth just over €45.4m.
The deal to sell the company to Millington, which is controlled by Mr O’Brien, was approved by the board of Siteserv and will need the green light from shareholders.
The board said in a statement to the stock exchange today that the transaction was ''fair and reasonable as far as shareholders are concerned.''
According to the statement, shareholders can expect to receive about 3.92c per share – a 96pc premium on yesterday’s share price.
The Dublin-based firm provides services to a range of industries and its clients include BSkyB and UPC.
Siteserv recently started with talks with the nationalised Anglo, now IBRC, over its debts which are due to be repaid at the end of 2012.
"As part of this review it was recognised that the debt burden being carried by the company was unsustainable and that a sale of the Siteserv business may represent the best available option in the circumstances," the group said in a statement..
As part of the discussion with the lender, IBRC has agreed to accept payment of an amount which is less than the total loans owed by it to Siteserv.