ScottishPower announced today that it is to float its internet and telecommunication business, ScottishTelecom, on the stock market. The arm, which includes the Demon Internet service, has been valued at £166.1 million.
Commenting on the planned flotation, Ian Robinson, chief executive of ScottishPower, said: “ScottishPower has built ScottishTelecom into a significant internet and telecommunication business. The Board…believes it is now timely to realise value for ScottishPower shareholders through an initial public offering. We are confident that ScottishTelecom will continue to grow rapidly and we are retaining a majority stake in the business.”
The three sections of the business comprise of internet and interactive services, data and telecommunication services and call centre services. Plans for the future of the business include integrated internet, e-commerce and data solutions over a pan-UK network.
ScottishPower: 0141 248 8200
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