Ian Smith, CEO of MXC, commented: “I am pleased to be able to announce the first acquisition by our joint venture with Liberty Global. SICL represents the first step in MXLG’s strategy of building an IT services provider focused on small and medium sized business customers within the UK. We are excited to have commenced this journey”.
MXC (LON:MXCP), the technology focused adviser and investor, this announced that it has made its first investment into MXLG Acquisitions Limited, its joint venture with Liberty Global Europe 2 Limited “LGE2” a wholly owned subsidiary of Liberty Global plc.
This investment has enabled MXLG to complete its first acquisition, SICL Limited, a Leeds based, award winning IT infrastructure and network specialist providing a range of on-premises, cloud and hybrid technological solutions and services to its customer base.
MXC, together with a co-investor, have each made an equity investment of £2.35 million into MXC JV Limited to part fund the Acquisition.
Following the Investment, MXC holds 100% of the voting rights of MXCJV and owns 50% of its issued share capital. MXCJV holds 50% of the issued share capital of MXLG with LGE2 owning the remaining 50%.