Dublin-based corporate telecoms company eTel has increased its stake in Czech Republic telecoms operator Globix from 64% to 100%.

eTel has bought the remaining shares from Irish entrepreneur Enda O'Coineen, who has a number of other interests in Central Europe, for just over £30m in cash and shares.

Globix provides services to over 700 customers and was recently awarded a full licence to build and operate public telephone networks by the Czech Telecommunications Authority.

eTel, founded last year by Sean Melly, secured $50m in venture capital financing last week.

It is concentrating on the telecoms markets in the Czech Republic, Hungary, Poland and Slovakia.