eXpansys has agreed to acquire Data Select Network Solutions and PJ Media for £38 million.

Online technology store eXpansys has agreed to acquire Data Select Network Solutions (DSNS) and PJ Media for a combined total of £38 million.

Due to the size and relative value of DSNS in relation to eXpansys, the deal constitutes a reverse takeover and as such is subject to shareholder approval.

The deal is to comprise a cash payment of approximately £13.4 million, the remainder being made up of shares. It also includes an obligation to pay approximately £10.8 million of debt owed by DSNS.

Manchester-based eXpansys is an online electronics superstore operating directly in 50 countries. The AIM-listed company proposes to raise £30 million through a share placing in order to finance the cash element of the deal.

PJ Media is a web development and digital marketing company based in the UK. The company also has offices in Romania and Poland. For the year ending April 2010, PJ Media reported a gross profit of £1.5 million on a turnover of £2.9 million.

DSNS is a wholesaler of SIM cards from UK mobile telecommunication network operators and reported a gross profit of £7.3 million on a turnover of £15.4 million for its most recent set of accounts.

Anthony Catterson, CEO of eXpansys, says: ‘This deal opens up a number of significant strategic opportunities for the company that we fully intend to exploit.’