Speed Fibre Group acquires Magnet Networks
Speed Fibre Group, an Irish investment vehicle focused on telecoms infrastructure as well as communications service provision, has announced the completion of its purchase of Magnet Networks from Columbia Ventures Corporation (CVC).
Under the terms of the deal, Speed Fibre Group has acquired 100% of the business from CVC. Speed Fibre Group already owns Enet and AirSpeed Telecom.
Speed Fibre Group CEO Peter McCarthy said: “As part of the Speed Fibre Group, Magnet Networks will continue to have the support it needs to further develop its range of customer-focussed solutions and drive best in class customer satisfaction for its large client base.
“Importantly, the team sees potential for growth and, from our point of view, we can bring years of experience in managing and actively developing telecoms businesses – whether they be wholesale or retail organisations. It’s an exciting time for the business and, importantly, for its customers.”
Ken Peterson Jr., founder and outgoing Chairman of Magnet Networks, said: “We are proud of Magnet Networks’ achievements over the past 16 years, pioneering fibre-to-the-home in Ireland and advancing Irish voice and connectivity solutions as a trusted partner to some of the biggest names in technology.
“The acquisition by Speed Fibre will enable Magnet Networks’ innovations in areas such as remote working and customer service to reach an even larger segment of the business community nationwide.”
Speed Fibre Group is owned by the Irish Infrastructure Fund (IIF) which manages capital for more than 20 institutional investors, the majority of which are Irish pension funds, trusts, and investment managers. To date, the IIF controls over €500 million of investments across energy, telecoms, tourism and healthcare in Ireland.
FOllowing the acquisition of Magnet Networks, Speed Fibre Group now owns entities with a combined annual turnover in excess of €70 million, with more than 200 staff and over 11,000 customers. In addition, it boasts more than 1 million people benefiting from wholesale networks – including mobile phone users, students, residential broadband users, public sector workers and staff in multinational organisations.
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