The Irish Infrastructure Fund (IIF), managed by Irish Life Investment Managers and AMP Capital, has entered into an agreement to acquire a 78% stake in enet. Financial terms of the deal were not revealed.
IIF will form a partnership with existing shareholder Granahan McCourt Capital whose founder, David McCourt, will continue to serve as chairman. Granahan McCourt Capital will retain its shareholding in the business.
The partnership boosts enet’s plans to continue expanding its network and services in Ireland, whilst paving the way to further grow the company’s pan-European infrastructure investment strategy.
McCourt said: “Enet and the Irish Infrastructure Fund are committed to making long-term investment in Ireland’s future and to gearing its economy for growth – employing our expertise and resources to bring reliable, futureproofed connectivity infrastructure to poorly served regions. The provision of world-class connectivity infrastructure needs to be viewed as a vital utility, yet many residents and businesses across Europe remain left behind.”
AMP Capital’s Philip Doyle, principal of the Irish Infrastructure Fund, said: “The Irish Infrastructure Fund is excited to acquire a stake in enet and to partner with Granahan McCourt Capital who have built a solid business which provides essential telecommunications infrastructure necessary for the continued growth of the Irish economy.
“Demand for enet’s connectivity services are growing by close to 10% every year and this acquisition is an attractive opportunity for the IIF to invest in a business that is clearly aligned to the fund’s investment strategy, where we see good potential for growth and where the IIF and Granahan McCourt Capital can bring our extensive experience in actively managing and growing telecom businesses.”
Based in Limerick, enet has a strong reputation in telecoms infrastructure, operating Ireland’s Metropolitan Area Networks (MANs) on behalf of the Irish State and has become a key player in the provision of digital infrastructure services across the country. The MANs will remain in State ownership post acquisition.
Enet serves more than 1 million end users, with its infrastructure supporting 70 different retail service providers and customers.
The transaction is expected to reach financial close after confirmation of regulatory approvals.
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