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
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