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Matrix Communications
18/05/2006
Matrix Communications is to sell its integration unit to Calyx of Ireland for up to £40m, in order to focus on its Fujin mobile content filtering business. Calyx will pay an initial £33.5m and issue shares to the value of Pounds £2m on completion of the deal. There will also be payments of up to £5m if the unit hits performance targets. The integration unit was the largest source of revenue and profit for Matrix. Matrix said it would retain an equity stake that would be locked in for up to two years. It also planned to distribute £10m of the cash to shareholders. Calyx added it would list on the Irish Enterprise Exchange for junior companies.
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