Calyx, the Irish computer reseller, has agreed to a management buyout of the firm, led by chief executive Maurice Healy.

The deal, which will give shareholders £1.01 per share, values Calyx at around £70.2m (€103.8m). The bid was made by the consortium Stornoway, which was created to make the acquisition, and consists of management members and Alchemy Investment Plan.

Healy owns 19.3 million Calyx shares, which is close to 28 per cent of the company. As part of the buyout, he will swap 13.5 million Calyx shares for his Stornoway stake, and get cash for the remainder.

In March, the company's board confirmed it had received an approach from Healy, who was seeking permission to talk to financiers about raising funds for a buyout. The board set up an independent sub-committee to discuss the approach.

In a statement, Healy said he was pleased that an agreement had been reached, and that the takeover had been given the full backing of the independent directors.

One of the independent directors, Gary Kennedy, said the matter had been given careful consideration. "We have concluded that the acquisition, which allows shareholders to realise their holdings in full for cash, is in the best interests of Calyx shareholders and is fair and reasonable. We will be recommending Calyx shareholders vote in favour of the acquisition and the scheme."

The takeover has already been given pledges to vote in favour of it from shareholders owning 23.85 per cent of the company.

The directors of the new firm believe the buyout will help Calyx expand its current business, partially through acquisitions. In recent months, Calyx has acquired IT security specialist Entropy for €4.95m in a cash and shares deal and ICT infrastructure firm Mentec for €16m.

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