Logica spins off it's telecoms arm

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The division has been sold to private equity buyers for £265m cash. The new company will be called Acision.

The consortium was led by Atlantic Bridge and its venture partner Larry Quinn, the former CEO and Chairman of Logica Mobile Networks from 1997 to 2003. The Atlantic Bridge consortium is 50% supported by Access Industries, a privately held, US-based industrial holding company. It is also supported by Dermot Desmond’s private equity vehicle International Investment and Underwriting (IIU) which has combined assets under management exceeding £10 billion

Interesting, interesting — here was me thinking they were in it for the long term!