A majority stake in Irish rural broadband provider Imagine has been bought by Armenia's Team Group of Companies for an undisclosed sum.
Imagine said the deal will equip it with the resources and support needed to enhance its long-term performance.
Today's deal marks a first investment in an EU country by Team Group, which owns Armenia's largest fixed line telecoms operator and second largest mobile operator, providing services to more than 1.1 million customers.
Team Group said it is investing in Imagine because it believes in the long-term potential of the Irish market, and it has ambitious plans to expand into Europe.
A new management team under experienced telecom leader Niall Tallon has been appointed to lead the company as it embraces the significant investment which has been made in fibre networks in Ireland to deliver the very best services to its existing and future customers.
Mr Tallon said the investment by Team Group marks the beginning of an exciting new chapter in Imagine's story.
"The National Broadband Plan, supported by the Irish Government, has had a massive impact on the Irish broadband landscape," Niall Tallon said.
"Over the last 24 months, the shift towards fibre technology has been transformative, particularly in rural Ireland. We have bought a company with a proud history of innovation and a well-recognised brand," he said.
"This investment by Team Group will finance our five-year strategic plan and enable us to pivot faster to fibre, enhancing service stability and quality for customers," he added.
Under the terms of the deal, Imagine's existing shareholder Brookfield will remain a minority shareholder and will partner with Team Group and the management team to support the company's growth.
Team Group of Companies, led and owned by Armenian entrepreneurs Hayk and Alexander Yesayan, owns Team Telecom Armenia.
They described their investment as a significant milestone not just for Imagine but also for Team Group as a whole.
"This is our first investment in a company in the EU and it underscores our confidence in Imagine's potential for long-term growth in Ireland," they said.
"It is the first step in our ambition to expand into the European market. By leveraging innovative technologies and collaborating with infrastructure partners we can provide the very best broadband speeds and services for Imagine's customers and communities," they added.
