Speed Fibre Group, the open access fibre infrastructure provider, is to be sold to UK based Cordiant Digital Infrastructure Ltd for €190.5m.
The deal follows a decision by InfraBridge and the Irish Infrastructure Fund (IIF) to sell their stakes in Speed Fibre.
It is expected that the deal will be completed this year, subject to regulatory approval.
Speed Fibre Group operates 5,400km of fibre across the country and includes companies Enet and Magnet+.
UK listed Cordiant Digital Infrastructure specialises in investing in core digital infrastructure like data centres, fibre networks and telecoms towers in Europe and North America.
"We are delighted to have sold the Speed Fibre Group to Cordiant, a specialist operator of digital infrastructure who will be able to support further investment in Ireland's fibre and connectively network," said Philip Doyle, Principal and Fund Manager with InfraBridge.
InfraBridge is a UK based infrastructure investment manager which managed the State backed IIF.
The latest sale represents the completion of its disposal of IIF’s equity portfolio of investments.
The IIF was originally established by Irish Life Investment Managers over a decade ago with €250m of backing from the Ireland Strategic Investment Fund, then known as the National Pensions Reserve Fund.
"Irish Life is delighted with the performance of the Irish Infrastructure Fund which under the management of InfraBridge and ILIM has delivered for our investors while supporting infrastructure development in Ireland," said Patrick Burke, CEO, Irish Life Investment Managers.
"We wish the Speed Fibre Group every success in the future."
Other disposals from the IIF equity portfolio that have been completed in recent years include Valley Healthcare, Towercom, Cyclone Wind Farms and Convention Centre Dublin.
