A business consortium headed by Dr Asher Gratt, the former owner and founder of Telco Global Communications Limited ("Telco"), announced that it has acquired Viatel Communications Limited ("Viatel UK") from Viatel, Inc, the global telecommunications group that recently filed for Chapter 11 bankruptcy in the US.
The consortium will be acquiring all of Viatel UK which includes: the residential and small business brand Telco: Destia Communications Limited, the pre-paid calling card division; and Viatel UK's SME and mid-market business division.
Destia acquired Telco from Dr Gratt in 1998 and later merged with Viatel Group. This purchase will allow Viatel UK to increase the growth of their residential and pre-paid cards businesses and accelerate plans for the SME and mid-market business sector.
ARC Associates ("ARC") acted as financial advisor to the Telco consortium.
ARC Associates is a specialist investment banking and advisory firm to the telecommunications, media, technology, financial services and property sectors.
Contact:
John Allen, Chairman
ARC Associates
+ 44 (0) 20 7614 4000