Imagine Communications Group has secured an investment of €120m to help roll out its broadband infrastructure as Canadian investment firm Brookfield takes a 50.1% stake in the company.

Imagine said the regional and rural areas of Ireland will be the first market in Europe to benefit from the rollout of its 5G capable fixed wireless infrastructure as a result of the deal.

Sean Bolger, founder and executive chairman of Imagine, said the investment represents a significant commercial investment in essential infrastructure in Ireland.

He said it will finally deliver the long-awaited benefit of high-speed broadband service, particularly to users and communities in the underserved rural and regional areas.

"With the network already live and delivering high speed broadband services to 20,000 existing customers in rural areas, fully funded we will now commence the full commercial rollout of the network and the availability of next generation high-speed broadband services of 150Mbps to over 300 areas and 1.4 million premises within two years, with further investment in additional sites to meet customer demand," he added.

Details of the full commercial rollout and availability of the services will be officially announced in the coming months

The deal is subject to certain conditions including competition and regulatory approval and is expected to complete in the third quarter of this year.