Alphyrachief executive Mr John Nagle has defended the €12 million price obtained for its computers and telecoms business.

Shareholders approved the sale of the companies to Mr Maurice Healy, the group managing director of Alphyra, at an extraordinary general meeting yesterday. The disposal involves payment of €8 million in cash and the issue of €4 million in loan notes.

The deal includes Alphyra's software training centre and a consumer electronics distribution business as well as its bigger computers and telecoms divisions.

Mr Nagle said the price reflected current market conditions. "With current valuations, I think we got a superb deal," he said. The disposal businesses will transfer to Calyx Limited and Calyx Computers Limited, of which Mr Healy is a director and 100 per cent shareholder. Mr Healy, a co-founder of Alphyra which was formerly known as ITG, will resign as group managing director of Alphyra.