Redcentric shareholders in line for £90m windfall after data centre business sale
Shareholders in Harrogate firm Redcentric are set to receive a £90m windfall following the sale of its data centre business.
The IT managed services provider sold Redcentric Data Centres Limited to Stellanor Datacenters Group earlier this month for almost £123m.
The agreement was described as a “pivotal milestone” for Redcentric enabling a “substantial return of capital to shareholders, significant debt reduction, and a sharpened strategic focus on growth opportunities within the remaining Managed Services Provider business”.
It has now been confirmed the board will make an equity tender offer at a price of 160 pencer per share.
A statement from the company said: “The Tender Offer is expected to return in excess of £90 million to shareholders and will be subject to shareholder approval."
Settlement is expected in July.