Granahan McCourt sells enet stake to focus on National Broadband Plan
Granahan McCourt Capital is to sell its remaining 22% stake in enet to the Irish Infrastructure Fund (IIF), a fund managed by AMP Capital and Irish Life Investment Managers, to focus on its involvement in the National Broadband Plan.
Based in Limerick, enet operates Ireland’s Metropolitan Area Networks (MANs) on behalf of the state and is used by more than 70 different retail service providers.
David McCourt, chairman and CEO of Granahan McCourt Capital, said: “I have long believed that the provision of world-class connectivity needs to be viewed as a vital utility and enet continues to play a significant role in solving this problem for many citizens across the country… Granahan McCourt is pleased to be putting our full and absolute commitment behind the Irish Government’s National Broadband Plan.
“Granahan McCourt has led the Consortium since the pre-qualification questionnaire was submitted in March 2016 and as we are now looking ahead to delivering the NBP and in order to fully commit our time, energy and resources to this ambitious project, we have taken the decision to sell our remaining stake in enet.”
The transaction is expected to reach financial close after confirmation of regulatory approvals.