Freedom4 is buying Daisy for £81 million and, at the same time, acquiring another telecoms business, Vialtus, for £42 million. The merged company will retain Daisy’s name and be led by its current CEO Matthew Riley.

Keith Froud, a partner at law firm Eversheds which advised Daisy on the deal, says, ‘The merged business will provide an excellent platform for further expansion in the telecommunications marketplace where consolidation opportunities are ripe.’

Daisy’s vendors will receive £30 million in cash and £51.1 million in shares for the company, with Riley taking more than 90 per cent of this sum.