International investor group buys EnetFriday 27 September 2013 13.09
Fibre optic network operator Enet has been acquired by a consortium of international infrastructure and telecoms investors.
The firm, which operates Ireland’s Metropolitan Area Networks on behalf of the State, has been bought for an undisclosed sum by Granahan McCourt, Oak Hill Advisors, and the family of Walter Scott Jr.
In a statement the company said the acquisition had no impact on its day-to-day business, while the MANs remain the property of the State with Enet operating them under a concession agreement.
David C McCourt, Chairman and CEO of Granahan McCourt said it was a good time to invest in Ireland and the company represented “an attractive proposition”.
“We see potential to expand and to maximise the MANs and look forward to working with management to realise that aim,” he said.
Enet’s CEO Conal Henry said the new investors were keen to build on the company’s position and were prepared to invest in the future development of the MANs.