Speed Fibre Group, an Irish investment vehicle focused on telecoms infrastructure, has announced the completion of a dea to buy Magnet Networks from Columbia Ventures Corporation (CVC).
The deal was confirmed following the successful completion of the required regulatory approvals.
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.
Magnet Networks operates the country's biggest connectivity network. It provides connectivity for some of the world's biggest technology companies, as well as telecommunications and data connectivity solutions to both commercial and residential markets.
Speed Fibre Group's chief executive Peter McCarthy said that as part of the 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," the CEO added.
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.
The IIF controls over €500m of investments across energy, telecoms, tourism and healthcare in Ireland.
Afte today's deal, Speed Fibre Group now owns entities with a combined annual turnover in excess of €70m, with more than 200 staff and over 11,000 customers.