- Isle of Man telecom company Manx Telecom said it had agreed to be acquired by Basalt Infrastructure Partners for £255.9m.

Manx shareholders were offered 207.1p cash per share, plus a 7.9p interim dividend, bringing the total bid to 215p per share, Manx said.

'Since its IPO in 2014, Manx has performed well and delivered consistent returns for its shareholders through resilient earnings, strong cash generation and a growing dividend,' chairman Kevin Walsh said.

'Basalt's cash offer recognises the quality of the business, the management team and the employees and provides certainty to shareholders.'

'After careful consideration and negotiation the board concluded that it would unanimously recommend the offer as being in the best interests of shareholders, employees and other stakeholders.'

At 9:21am: [LON:MANX] Manx Telecom share price was +27p at 214.5p

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