CVC-backed M Group in talks to purchase utility providers rival Telent for £270m

An infrastructure providers supplier backed by one of many world’s largest buyout companies is in superior talks to purchase rival Telent for about £270m.

Sky Information has learnt that M Group Providers, which was acquired by CVC Capital Companions final 12 months, is in unique negotiations to purchase its smaller peer.

As soon as a part of Marconi, certainly one of Britain’s most well-known industrial names, Telent ended up underneath the management of JC Flowers, the non-public fairness agency, as a part of a deal involving Pension Insurance coverage Company, the specialist insurer, a number of years in the past.

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M Group has seen off competitors from Amey, the outsourcing group backed by Lord Hammond, the previous chancellor, to safe its exclusivity interval, with a proper provide anticipated inside days.

Folks near the state of affairs cautioned, nevertheless, that there was no certainty {that a} deal could be reached.

At the very least one non-public fairness bidder additionally submitted an indicative provide for Telent, they added.

Telent is run by Jo Gretton, who was a part of its founding administration workforce in 2006, having beforehand labored for Marconi.

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Amongst its contracts is one it was awarded by IBM to play a task within the deployment of the brand new Emergency Providers Community throughout the UK.

CVC declined to remark, whereas Telent couldn’t be reached for remark.