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Easynet Group Plc merger with ipsaris Limited
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ipsarisipsariseasyneteasynet
Creating a Creating a leading leading
broadband broadband service service
provider in the provider in the UK & FranceUK & France
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The financial logic
The strategic logic
The merger of Easynet and ipsaris has compelling strategic and financial logic
Combining Easynet’s sales force, customer base, IP networking skills and proven sales-led business model, with ipsaris’ network assets, engineering skills and IT systems creates a strong platform to deliver broadband to SME customers.
The Enlarged Group will have the capital to support Easynet’s broadband growth strategy at a time when capital is scarce.
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Rationale and Transaction highlights
Rationale for Easynet– accelerates strategy– differentiation of product offering – brings c. £314m cash
Easynet to issue 82.9m shares for ipsaris
Pro forma market capitalisation of £475 million (25 June 2001)
Marconi has agreed to sell up to 11.6m shares at a minimum price of 430p by way of a strike price tender bookbuild
EGM approval 19 July 2001, merger completion and admission effective 26 July 2001
Shareholder Voting Interest(%)
EconomicInterest
(%)
Marconi 49.9% 71.9%
Easynet 44.6% 25.0%
BWB 3.4% 1.9%
Railtrack 2.1% 1.2%
Shareholder structure post-transaction
Note: Marconi will hold no more than 49.9% of the total voting shares.In the event of full take-up of the tender offer Marconi’s holding would fall to 61.4%
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The enlarged Easynet organisation
David Rowe
Neil Rafferty
Brian Mulligan Peter Hill Steve Rick Will Gardiner
Head office and financeUK business and carrier services
European business services
Network & operations UK and Europe
Chief Executive
Executive Chairman
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Our opportunity is broadband data services…
SME customers want advanced data services
To date, access prices have been too high
While there are other technologies available to provide broadband:– Cable Passes only a small % of businesses built primarily for residential– WLL Not yet economically proven– Fibre Not economic for most SMEs
The DSL proposition
Cost Speed Availability
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UK business retail market reaches £17bn by 2004
SME is 60% of total market by 2004
Ovum estimates the managed bandwidth market to reach £3bn by 2004
The business opportunity in the U.K. and France
Source: IDC
0
2
4
6
8
10
12
£bn
2000 2001 2002 2003 2004
Market Size - UK SME
Data
Mobile
Fixed Voice
0
2
4
6
8
10
12
£bn
2000 2001 2002 2003 2004
Market Size - France SME
Data
Mobile
Fixed Voice
• Total business retail market of £16bn by 2004
• SME is 64% of total market by 2004
• Paris - centric & high density per local exchange
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ADDITIONAL TEMPLATE PREVIEWS
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Anatomy of LOI - Ver1
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Asset vs. Stock Purchase
Purchase Price Payment Considerations
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Structuring Effective Earnouts
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What is a Reverse Merger?
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Asset Purchase - Ver1
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THE PATH TO EXCELLENCE
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