IIF buys majority stake in Irish telecommunications firm
The Irish Infrastructure Fund (IIF), which is managed by Irish Life Investment Managers and AMP Capital, has acquired a 78 per cent stake in Ireland-based wholesale-only carrier, enet.
For this purpose, IIF has partnered with existing shareholder Granahan McCourt Capital, an investor in telecoms and media infrastructure.
The partnership was expected to help the company expand its network and services both in Ireland and grow enet’s pan-European telecoms infrastructure investment strategy.
enet, which operates Ireland’s Metropolitan Area Network (MANs) on behalf of the Irish State and provides digital infrastructure services across the country, currently serves more than one million end-users with its infrastructure supporting 70 different retail service providers and customers
AMP Capital’s principal, Philip Doyle, said: “Demand for enet’s connectivity services are growing by close to 10 per cent every year and this acquisition is an attractive opportunity for the IIF to invest in a business that is clearly aligned to the fund’s investment strategy, where we see good potential for growth and where the IIF and Granahan McCourt Capital can bring our extensive experience in actively managing and growing telecom business”.
According to AMP Capital, IIF would acquire its stake from Oakhill Advisors and other minority investors.
In order to reach financial close, the transaction would require regulatory approval.
AUTHOR
Oksana Patron
Recommended for you
Perpetual has appointed a new CEO for affiliate J O Hambro Capital Management, as it tries to stem outflows and refresh the brand.
Outflows of US$1.4 billion from its US equity funds have contributed to GQG Partners reporting its highest monthly outflows for 2025 in August.
Domestic equity managers are lagging the ASX 200 in the first half of the year, according to S&P, with almost three-quarters of Australian equity funds underperforming over the six-month period.
ETFs saw almost $5 billion of inflows during August, with international equities gaining double those of fixed income funds, as total assets close in on $300 billion.
