Energis PLC Information

The Company was formed in 1992 as Telecom Electric by way of a demerger from the UK's National Grid Company.[1] Its national optical fibre network was partially deployed via the overhead power transmission network of the grid. The Company was first listed on the London Stock Exchange and the NASDAQ in 1997.[1] Energis acquired a number of companies in the UK and Europe, including Planet Online,[2] ISION AG[3] and others. At one point its Market capitalization was over £10 billion making it one of the largest companies by market capital. However in the process the Company over-extended itself with borrowings to fund these acquisitions. Planet Online, by then a subsidiary of Energis, worked with its new parent to help Dixons launch the Freeserve ISP. Energis provided the telephony services and Planet Online provided the e-mail, internet access etc.[4] Energis Plc was placed in administration in July 2002, with its UK operations immediately being transferred to Energis Communications Ltd, a wholly owned subsidiary of a new holding company owned by the banks and known as Chelys.[5] In August 2005, Cable & Wireless made an offer to acquire the Company for £594 million.[6] The bid was accepted by a binding majority of Energis debt holders and the company became part of Cable & Wireless on 11 November 2005.[7]