Telecom services group Alphyra is to sell its payphones division to Smart Telecom, the Dublin-based alternative telecoms provider, for €2.4 million.
In a statement this morning, the company said: "This disposal and the sale of the company's telecommunications and computer interests announced in January 2002 allow the board to fully concentrate its energies on the implementation of its pan-European electronic transaction strategy".
Chief executive Mr John Nagle said the proceeds generated from the sale will fund growth in Alphyra's core business and strengthen the group's working capital position.
Shares in the Alyphra rose this morning on news of the deal, up to €1.40 by midday.